Visa Steel records 93% jump in profits and sales this fiscal

Kolkata,Feb 01 (UNI) Recording all round performances, VISA Steel has achieved a record 93 per cent growth in Profit after tax during the first nine months of the current fiscal to Rs.199 million, despite higher charge on depreciation and deferred taxes necessitated by the recent commissioning of coke oven capacities.

Commenting on the performance of the company for the third quarter and from April to December period, VISA Steel Managing Director Vishal Agarwal today said " Its been a healthy quarter where we achieved both financial and operational progress in the manufacturing segment.Our model is to establish an integrated special and stainless steel complex and towards that end we have already commissioned our pig iron and coke operations".

" Further, we are in the process of establishing ferro chrome, power, sponge iron and special and stainless steel facilities", he said adding that the healthy performance was driven by the manufacturing segment comprising pig iron and coke operations,both of which registered a revenue growth of 55 per cent to Rs.2,096 million.

The Company recorded a production of 134,734 millon tonnes of hot metal during 2006-07,compared to 110,754 MT during the corresponding period last year. The entire production of coke was utilised as feedstock in the blast furnace.

"The Company expects to benefit from the commissioning of 50,000 TPA ferro chrome plant, 300,000 TPA sponge iron plant and 50 MW power plant in the financial year 2007-08, the Managing Director said adding that the Company had nearly completed process for ordering of 0.5 million TPA special and stainless steel plant.

UNI