JSW ISPAT Steel has
turned profitable in the quarter ended June 2012. The company has posted a
profit of Rs 478 crore in the quarter as against loss of Rs 1130 crore in a
year ago period, mainly led by tax credit worth Rs 779 crore.
Net sales rose by 18.4% year-on-year to Rs 2,855 crore. Post
the result announcement, the company stock was up 4% to Rs 10.63.
The company said its numbers would have been had there not
been a loss of Rs 188 crore during the quarter.
Meanwhile, the company's chairman Sajjan Jindal told media
persons on the sidelines on the 18th annual general meeting held recently that
he expects JSW Ispat to become profitable by the end of FY 2013. 'As soon as it
becomes profitable, we will start looking at merging it with its parent company
JSW Steel," Jindal said
JSW Steel acquired a controlling stake in erstwhile Ispat
Industries in December 2010 at an enterprise value of $3 billion to emerge as
the country's largest producer of the alloy with an annual capacity of 14.3
million tonne.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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