Jindal Stainless - Show Must Go On

Jindal Stainless Net Zooms 2.8 Times For Mar`07 Qtr

Jindal Stainless reported 2.82 times rise in net profit at Rs 921.2 million for the quarter ended March 2007 as compared with profit of Rs 326.9 million for the quarter ended March 2006. Net sales for the quarter rose 73.20% to Rs 14,324 million, compared with Rs 8,270.4 million for the corresponding quarter, year ago. Total income for the quarter was Rs 14,351.8 million as compared with Rs 8,343.2 million, a year ago. The earnings per share (EPS) of the company rose 2.34 times to Rs 6.84 as compared with Rs 2.92 a year ago.

The company posted a 2.21 times jump in net profit at Rs 3,530.1 million for the year ended March 2007 as compared with profit of Rs 1,597.3 million for the year ended March 2006. Net sales for the year rose 53.23% to Rs 48,775 million as against Rs 31,831.4 million a year ago. Total Income also rose to Rs 48,964.3 million as against Rs 32,026.1 million a year ago. EPS for the year was Rs 26.76 as against Rs 14.26, a year ago.

The board of directors recommended final dividend @ 20% i.e. Re 0.40 an equity share of Rs 2. Earlier in the year, the company had already disbursed interim dividend of 80% i.e. Rs 1.60 a share of Rs 2 each.

The company on Feb.16, 2007 allotted 6,800,000 equity shares of Rs 2 each to Jindal Overeeas Holding, a foreign incorporated entity forming part of the promoter group companies, on conversion of 6,800,000 convertible warrants into equity shares of the company. Further, during the year it issued 869,350 equity shares of Rs 2 each fully paid on conversion of 80, 2.50% FCCB due 2006, into GDSs. Consequent to these conversions, the paid up equity share capital has increased to Rs 276.40 million.

During the Financial year 2006-07 the company has commissioned additional facilities enhancing the capacities of Cold Roiling from 150,000 MT to 250,000 MT.