Essar Steel net soars 462 per cent

CORPORATE SCORECARD

Essar Steel net profit grew 462 per cent to Rs 231 crore for the quarter ended June 30 compared with Rs 41 crore in the corresponding period last year.

The company has made provisions for "� finance cost (net) of Rs 93 crore (Rs 181 crore) including an exchange gain of Rs 114 crore, depreciation of Rs 187 crore (Rs 149 crore) and provision for deferred tax, MAT and FBT of Rs 130 crore (Rs 22 crore).

Total income stood at Rs 2,827 crore (Rs 1,904 crore) for the quarter ended June 30, up 48 per cent. EBIDTA recorded a growth of 62 per cent for the quarter at Rs 642 crore (Rs 396 crore).