(Correcting name in para one)

New Delhi, May 28 (UNI) Riding high on the soaring steel demand, Jindal Stainlees today announced a 121 per cent growth in net profit at Rs 353.01 crore for the year ended March 2007 as compared to Rs 159.73 crore for the same period last fiscal.

The gross turnover, stood at Rs 5,267.8 crore, up by 51 per cent, from Rs 3,494.61 crore for the said period last year. The gross turnover was mainly influenced by growth in export and domestic sales by 93 per cent and 29 per cent respectively.

''The results are outcome of our improved product mix, cost savings achieved through optimised operations, efficient procurement and stabalising of ferro alloys operations in our plant at Orissa,'' Jindal Stainless Ltd Vice Chairman and Managing Director Ratan Jindal told reporters here.

''Going by the past year's experience, if nickel prices remain firm we can see 20-30 per cent grorwth in the bottomline,'' he added.

UNI