Bhushan Steel Q1 net up 57% at Rs 62.25 cr

NEW DELHI: Bhushan Steel and Strips Limited on Thursday reported a 57 per cent jump in its net profit for the quarter ended June 30 at Rs 62.25 crore as against Rs 39.57 crore in the same period previous fiscal.

The company posted a five per cent increase in its gross sales for the quarter under review at Rs 860.01 crore as compared to Rs 815.90 crore in the corresponding period previous fiscal, Bhushan Steel said in a release.

"The company has been able to maintain its performance despite volatile steel prices in the period, due to its value added product mix which included CRCA sheet for critical applications like car body outer panels and white wood and colour coated sheets," Bhushan Steel Managing Director Neeraj Singal said in a statement.

He said the progress of the company's integrated steel and power project in Orissa is going on in full swing and Phase I of the project would expectedly commence by October this year.