Ispat Industries net up 1660%

BS 200 SCORECARD

Ispat Industries' net profit has zoomed 1660 per cent for the quarter ended December 31, 2004, at Rs 497.7 crore, compared Rs 28.28 crore in the corresponding period of the previous year.

The company has reported an addition of Rs 405.14 crore as exceptional items on account of the settlement of the principal amount of its euro bonds liability.

Ispat's total income stood at Rs 1,643.18 crore, a rise of 55.7 per cent over Rs 1,061.91 crore registered in the corresponding period of the previous year.

Interest charges for the quarter rose 92.8 per cent at Rs 150.7 crore against Rs 78.16 crore, while depreciation costs were up 95.8 per cent at Rs 105 crore compared with Rs 53.62 crore in the corresponding period of the previous year.

The company has not taken into account the Rs 351 crore loss of Ispat Mettalics, which was to be merged into the company, as the necessary approval for the proposed merger has not been received.