Jai Balaji's net profit up by 341 per cent

Kolkata, Oct 31 (UNI) Jai Balaji Industries Limited, the flagship company of Jai Balaji Group, has registered net profit of Rs 27.28 crore as compared to Rs 6.19 crore last year for the second quarter ended September 30.

A release issued here today stated that the company's net profit this fiscal zoomed to 341 per cent as compared to the last fiscal.

Similarly, the net profit for the six months advanced by 286 per cent to Rs 50.87 crore from Rs 13.18 crore, the release added.

The current results were inclusive of the figures of the Shri Ramrupai Balaji Steels Ltd, which merged with the company from April one, 2006.

The total income for the second quarter was Rs 274.97 crore and for the half year was Rs 527.77 crore.

The earning per share for the quarter was Rs 5.79 and for the half year Rs 10.80, showing an increase of 135 per cent and 106 per cent, respectively.

Meanwhile, the company acquired the entire shareholding of Nilachal Iron and Power Ltd, which owned a sponge iron plant of 1.25 lakh ton per annum capacity in Jharkhand.

Jai Balaji also signed a MoA with the West Bengal government for setting up a five million tonne integrated steel plant, three million tonne cement plant and 1,215 MW captive power plant in Purulia district at a total cost of Rs 16,000 crore.

Announcing the results, Jai Balaji Group Chairman and Managing Director Aditya Jajodia said, ''Steel is at the core of infrastructure development and the economy's demand for steel will continue to grow in view of the massive infrastructure growth in the country.'' ''At Jai Balaji, we are confident that this will drive our growth and we will be able to build value for our stakeholders,'' he added.

UNI