JSW Steel has reported a standalone net profit of Rs
752 crore for the Jan-March quarter of FY12, down 9.7% as compared to Rs
833 crore in a year ago period. Standalone total income jumped 35.14% to Rs
10,291 crore, Year-on-Year.
The company earned an exceptional gain of Rs 199 crore
during the quarter. EBITDA margins declined at 17% versus 22.5% YoY. EBITDA
went up 2.34% to Rs 1,618 crore, YoY.
While announcing the results, JSW Steel's chairman and
managing director Sajjan Jindal said, "We expect steel production for
FY13 to be around 8.5 million tonnes and sales of 9 million tonnes."
He further said the company has cut output by 2 million tonnes on account
of the ban on illegal mining in Karnataka.
The steel maker, as ordered by the Supreme Court will
face a probe by the Central Bureau of Investigation (CBI) into instances of
alleged illegal mining in Karnataka during the tenure of former chief minister
BS Yeddyurappa. However, Jindal said that his company will come out clean as
they have not indulged in any wrong doing. "We are the victims here,"
he added.
On the company merging with Ispat Industries earlier this
year, Jindal said, "We have cleaned up the entire balance sheet of Ispat
and have written off Rs1900 crore of stick assets of the acquired
company. From a strategy point of view, Ispat is a very good
investment."
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
No comments:
Post a Comment