Metalnewsnet 5 May ：

On the back of higher production numbers Jindal Steel and Power Ltd (JSPL) reported a 54 per cent increase in standalone net profit for the quarter ended March 31, 2010. Standalone net profit for the quarter under review stood at Rs 549 crore as against Rs 356 crore in the corresponding quarter last year.

The company's net sales for the quarter stood at Rs 2,389 crore (Rs 1,764 crore), a growth of 35 per cent.

Consolidated numbers

The company's consolidated net profits for the quarter stood at Rs 963 crore (Rs 898 crore), a growth of 7.29 per cent. Consolidated net sales grew almost 11 per cent and stood at Rs 3,175 crore (Rs 2,867 crore).

Mr Sushil Maroo, Director, JSPL, said, “The increase in net profits is due to the highest production of steel for the company. The consolidated net profit this fiscal has been the highest ever for the company.”

Full-year numbers

The company's consolidated net profit for the 2009-10 fiscal rose 20 per cent at Rs 3,634 crore (Rs 3,007 crore). The net sales for the period stood at Rs 11,083 crore (Rs 10,844 crore), a growth of 2 per cent.

Standalone net profit for the fiscal dipped by about 4 per cent to Rs 1,479 crore (Rs 1,536 crore).

Standalone net sales also dipped by 4 per cent to Rs 7,367 crore (Rs 7,677 crore).

The low steel prices in the first two quarters of the 2009-10 fiscal led to a dip in the company's standalone net profits.

Output

JSPL's steel production for the 2009-10 fiscal grew by 24 per cent to 1.9 million tonnes as against 1.5 mt in the previous fiscal where as sponge iron production in the fiscal grew to 1.3 mt as against 1.2 mt last fiscal.

The first unit of JSPL's 135 MW power plant has been synchronised in Raigarh, Chattisgarh and the company's 540MW power plant would be up and running in the current fiscal, he said. “This year our capital expenditure would be around Rs 5,000 crore for expansion plans,” he added.