Bhushan Steel Q4 net up 15pc, Board okays USD 1bn fund raising

NEW DELHI: Bhushan Steel today reported 15 per cent growth in net profit at Rs 330 crore for the quarter ended March 31, 2012 against Rs 288 crore in the same quarter last fiscal.

The company Board, which met to approve the results, also gave a go-ahead for a fund raising plan of up to USD 1 billion, it said in a filing to the BSE.

"...the Board of Directors has approved... further issue of securities not exceeding USD one billion through the process of postal ballot," Bhushan Steel said.

Meanwhile, Bhushan Steel said its total income during the quarter rose to Rs 2,842 crore from Rs 2,004 crore a year ago.

The net profit of the company during the entire 2011-12 slightly increased to Rs 1,024 crore compared to Rs 1,005 in the 2010-11 fiscal.

Total income increased from Rs 7069 crore to Rs 9,969 crore for the year ended March 31, 2012.