Financial Daily from THE HINDU group of publications
Friday, Apr 22, 2005
Financial Daily from THE HINDU group of publications Friday, Apr 22, 2005 |
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Corporate Results
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Steel Corporate - Alliances & Joint Ventures Jindal Stainless Q4 net rises to Rs 92.89 cr on higher margins — To form joint venture with Italian Steelway Our Bureau
New Delhi , April 21 JINDAL Stainless Ltd today reported a net profit of Rs 92.89 crore for the fourth quarter ended March 2005, registering a 239.01 per cent increase compared to the corresponding quarter in the previous fiscal, mainly due to higher margins. The company has also announced a second interim dividend of 60 per cent taking the final figure to 120 per cent, according to a company release. Total income during the quarter moved up by 24.27 per cent to Rs 954.33 crore compared to Rs 767.94 crore in the same period of the previous financial year. For the full 2004-05, the company has registered a 52.34 per cent increase in net profit at Rs 250.14 crore as against Rs 164.19 crore last fiscal. Total income during 2004-05 stood at Rs 3,182.75 crore compared to Rs 2,420.16 crore last year. The company recorded an export income of $245 million despite the slowing down of the Chinese economy. The operations at PT Jindal Stainless Indonesia have stabilised for the past four months and have recorded an operational profit, the release added. At its first board meeting today after the demise of the group patriarch and chairman of the company, O.P. Jindal, his wife Ms Savitri Devi Jindal was elected as Chairperson and additional director. This is the second company, the first being Jindal Vijaynagar, that Ms Jindal has assumed the role of Chairperson. The board meeting of Jindal Steel and Power is scheduled for the first week of May. The company also announced signing of a MoU with Italy-based Steelway to form a joint venture company, Jindal Stainless Steelway Ltd, to set up a service centre for its products near Gurgaon in Haryana. The Jindals would hold 80 per cent stake, while Steelway would hold 20 per cent. The Italian partner would provide the technical and marketing expertise in all aspects of equipment selection, plan layout, operation and maintenance, and also arrange for training of operators on-site and in Italy.
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