JSL Q4 net at Rs 117cr on rising demand

NEW DELHI: The country's largest stainless steel maker JSL today reported a net profit of Rs 117.72 crore for the fourth quarter ending March 2010 on improved sales.

"Improved capacity utilisation at both Hisar and Orissa plants, higher sales volume, improved product mix, higher quantity of value-added products, cost optimisation and foreign exchange gains helped the company to realise higher profits," JSL vice-chairman and managing director Ratan Jindal said in a statement.

The company had a net loss of Rs 161.23 crore for the same period in the previous fiscal.

Total income stood at Rs 1,688.85 crore for the march quarter, while the same was Rs 1,367.82 crore during the same period of 2008-09, the company said in a statement.

For the full year ended March, the company reported a net profit of Rs 376.45 crore, against a net loss of Rs 579.82 crore in the previous fiscal.

On the company's outlook, JSL said, "growing domestic demand for stainless steel driven by the Railways, automotive, architecture, building and construction sectors is going to play a major role in the growth of the industry in general and JSL in particular."

The company at present has a 7.2 lakh tonne per annum stainless steel plant at Hisar in Haryana. The company is in process of setting up a 1-mtpa plant in Orissa.