Essar Steel's Total Income (Net) at Rs. 1327.74 cr.; Net Profit at Rs. 50.44 cr. for the quarter ended June 30, 2004.
August 16, 2004
Financial Performance
Essar Steel Limited (ESTL) registered a total income of Rs.1327.74 crore for the quarter ended June 30, 2004 compared to Rs.722.14 crore in the corresponding period of the previous year. The net profit was Rs. 50.44 crore (Rs.10.25 crore) after providing for finance costs of Rs.137.79 crore (Rs.67.87 crore), depreciation of Rs.101.04 crore (Rs. 101.66 crore) and a Provision for Deferred Tax of 59.49 crore (Previous year nil).
Operating Performance
ESTL's steel production during the period grew by more than 25%, ending the quarter with a total production of 5.59 Lakh tonnes (4.46 Lakh tonnes).
Total domestic sales registered a growth of 38.5% at 3.52 Lakh tonnes (2.54 Lakh tonnes) Exports during the quarter registered a 15% growth reaching 1.73 Lakh tonnes, (1.5 Lakh tonnes).
Market Outlook
Raw materials prices and freight rates have remained firm during the quarter under review. The domestic and international demand for steel continues to remain firm. The international steel production has touched the billion tonne mark. All the economies across the world have shown growth including that of Japan.
CORPORATE