JSW Steel Ltd Quarterly profit soars to Rs.427.78 Crores

JSW Steel Ltd has announced the UnAudited Financial Results for the quarter ended June 30, 2007.

The Company has posted a profit after taxes of Rs.4277.8 million for the quarter ended June 30, 2007 where as the same was at Rs.1703 million for the quarter ended June 30, 2006. Total Income is Rs.23272 million for the quarter ended June 30, 2007 where as the same was at Rs.15710 million for the quarter ended June 30, 2006.

The company reported an Earnings Per Share (EPS) of Rs.25.59 for Quarter ended June 30, 2007 compared to Rs.10.34 reported during Quarter ended June 30, 2006.

On June 27, 2007, the Company completed its issue of USD 325 million (Rs 13,330 million) Zero Coupon Foreign Currency Convertible (FCCB) Bonds due 2012. The bonds are convertible at the option of the holder at any time on or after August 07, 2007 at a price of Rs 953.40 per equity share.

During the quarter the Company has made additional investments aggregating to Rs 201.50 million in subsidiary and associate companies.

During the quarter, the Company acquired a Cold Rolling facility based at Vasind having an annual capacity of 0.23 million tonnes, which was previously taken by the Company on an operating lease basis.

Production at one of the Hot Metal furnaces at Vijayanagar works, which was shut down due to an accidental fire on February 15, 2007, recommenced from April 12, 2007. To incorporate safety features so as to prevent such accident, another Hot Metal furnace at Vijayanagar works which was shut down for around 40 days from June 11, 2007, recommenced operations on July 23, 2007.

The closed the day at Rs.736.60, up by Rs.4 or 0.55%. The stock hit an intraday high of Rs.771.40 and low of Rs.726.10. The total traded quantity was 634449 compared to 2 week average of 206130.

Source : Equity Bulls

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