Jindal Stainless Q1 net down 66 pc at Rs 28 cr
Jindal Stainless posted a net profit of Rs 28 crore for the first quarter ended June 30, 2008, a fall of 66 pc compared to the corresponding period a year ago.
By PTI |
NEW DELHI: Jindal Stainless on Tuesday posted a net profit of Rs 28 crore for the first quarter ended June 30, 2008, a fall of 66 per cent compared to the corresponding period a year ago.
The firm had a net profit of Rs 83 crore in the year-ago period, it said in a statement.
"On account of foreign exchange fluctuations, during the quarter, the company have provided for notional losses of about Rs 60 crore, resulting in lower net profit of Rs 28 crore.
"The actual gain or loss in this respect would be ascertained only on culmination of respective underlying exposures," the statement noted.
The Board of Directors has also recommended a dividend of Rs 2 per equity share of Rs 2 each for the financial year ended March 31, 2008.
Jindal Stainless' gross turnover rose to Rs 1,725 crore for the latest quarter, a growth of 31 per cent, against the same period a year ago.
The company had recorded a gross turnover of Rs 1,317 crore for the quarter ended June 30, 2007.
In a filing to the Bombay Stock Exchange on Tuesday, Jindal Stainless said it would invest up to 200 mn dollars in one or more subsidiaries by way of equity or debt in the next two to three years.
Further, the firm would change its name to 'JSL Ltd' from 'Jindal Stainless Ltd' subject to approval of shareholders.
It would also apply to the Central government to get approval for increase in the total number of directors up to sixteen to meet the amended guidelines.
The firm had a net profit of Rs 83 crore in the year-ago period, it said in a statement.
"On account of foreign exchange fluctuations, during the quarter, the company have provided for notional losses of about Rs 60 crore, resulting in lower net profit of Rs 28 crore.
"The actual gain or loss in this respect would be ascertained only on culmination of respective underlying exposures," the statement noted.
The Board of Directors has also recommended a dividend of Rs 2 per equity share of Rs 2 each for the financial year ended March 31, 2008.
Jindal Stainless' gross turnover rose to Rs 1,725 crore for the latest quarter, a growth of 31 per cent, against the same period a year ago.
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The company had recorded a gross turnover of Rs 1,317 crore for the quarter ended June 30, 2007.
In a filing to the Bombay Stock Exchange on Tuesday, Jindal Stainless said it would invest up to 200 mn dollars in one or more subsidiaries by way of equity or debt in the next two to three years.
Further, the firm would change its name to 'JSL Ltd' from 'Jindal Stainless Ltd' subject to approval of shareholders.
It would also apply to the Central government to get approval for increase in the total number of directors up to sixteen to meet the amended guidelines.
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