Jai Balaji declares 10 pc dividend, Rs 118 cr profit in FY08

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Kolkata, Jun 30 (UNI) Jai Balaji Industries Ltd today announced a 10 per cent dividend after posting a profit of Rs 118.87 crore in the total revenue of Rs 1,347.28 crore for 2007-08.

Jai Balaji Group's Chairman and Managing Director Aditya Jajodia told a news conference that earning per share for the year was Rs 25.23 as compared to Rs 13.20 in the corresponding period last year representing a 91 per cent increse.

The board of directors of the company in a meeting during the day also recommended a 10 per cent dividend on equity shares for FY07-08.

The company's revenue growth for FY07-08 was registered at 29.7 per cent as campared to the previous year and so also the net profit margin went upto 91 per cent to Rs 118.87 cr and the surge of profit and growth was attributed to increase sales volume and market prices in iron and steel industry.

Although the cost of steel increased during the year due to raw material pressures, the company was able to successfully maintain and improve margins due to cost control, Mr Jajodia said.

During the year, the city based company has acquired steel division of HEG ltd in Chhattisgarh having a sponge iron plant with 120,000 MT capacity pa, steel melting shop with 100,000 MT capacity pa and 13 MW captive power plant while Nilachal Iron&Power ltd in Jharkhand having a sponge iron plant with a capacity of 100,000 MT pa.

''We will grow and the growth will be rapid. Every opportunity, greenfiled or brownfield which is in synergy with our present operation will be explored and adopted,'' Mr Jajodia said.

The JBG has earmarked an expenditure of Rs 1700 crore for expansion of its steel project works at Durgapur for this fiscal, Mr Jajodia added.

UNI PC ADG AK BD1720

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