Jisco Q3 net up 75.5% to Rs 52.41 crore

Jindal Iron & Steel Company (Jisco) has posted a 75.5 per cent jump in net profit at Rs 52.41 crore for the third quarter ended December 31 against Rs 29.86 crore in the corresponding quarter of the previous year.

Net sales surged 37.4 per cent at Rs 562.1 crore compared with Rs 409.36 crore. Domestic and export sales contributed equally to the growth in sales, both increasing by around 37 per cent.

During the nine months to December 2003, the company registered a turnover of Rs 1,520 crore, up from Rs 1,022 in the corresponding period in the previous year.

The profit after tax rose 116 per cent to Rs 118.18 crore (Rs 54.82 crore). The interest cost has come down by 27 per cent to Rs 18.68 crore in the December quarter, from Rs 25.61 crore in the corresponding quarter previous year.

The company has repaid Rs 178 crore of debt in the current financial year, resulting in a reduction in interest cost by 30 per cent during the year. The company's debt equity ratio as a result has come down to 1:1.