Essar steel net jumps 462% to Rs 231 cr

New Delhi, July 31 (UNI) Essar Steel Ltd (ESTL) today said its net profit has increased a whopping 462 per cent to Rs 231 crore, for the Quarter ended June 30, 2007 as compared to Rs 41 crore, in the corresponding period last year.

Its total income grew by 48 per cent to Rs 2,827 crore for the quarter ended June 30, 2007 as compared to Rs 1,904 crore in the corresponding period last fiscal.

At Rs 642 crore, the company's EBIDTA registered a growth of 62 per cent for the quarter as compared to Rs 396 crore against last year.

The production for the quarter ended June 30, 2007, grew by over 18 per cent to 8.33 lakh tonnes as compared to 7.06 lakh tonnes for the quarter in the previous fiscal.

The company achieved a total sales of 7.99 lakh tonnes during the quarter ended June 30, FY0708, a jump of 31 per cent as compared to 6.11 lakh tonnes last year.

Domestic sales stood at 5.48 lakh tonnes in comparision to 4.37 lakh tonnes in the corresponding period last year.

The Company's exports registered a growth of 44 per cent at 2.51 lakh tonnes in the quarter as compared to 1.74 lakh tonnes in the corresponding quarter last fiscal.

UNI