Bhushan Steel Q1 FY07 net up by 57 per cent

New Delhi, July 20: Bhushan Steel&Strips (BSSL) today reported a 57 per cent increase in its net profit at Rs 62.25 crore for the first quarter ended June 30, 2006, as compared to Rs 39.57 crore during the corresponding quarter last year.

''The company has been able to maintain its performance despite of volatile steel prices scenario prevailed during the first quarter of FY 2006, due to its value added product mix which includes CRCA sheet for critical applications like car body outer panels and white good, colour coated sheets and galume. We are looking forward good growth in coming months,'' BSSL Managing Director Neeraj Singal said.

The company's operating profit was up by 49 per cent at Rs 148 crore.

The company's net sales during Q1 FY07, registered a 6 per cent increase at Rs 787.55 crore as against Rs 742.54 crore in Q1FY06.

BSSL has increased its focus on the export which increased to Rs 330.14 crores, up by 11.87 per cent, as compared to Rs 295.10 crores in the corresponding quarter last year.

The progress of the Integrated Steel and Power project at Orissa is going at full swing and the company is hopeful to start Phase I of the project by October this year, before the schedule.

UNI