Essar Steel net jump 300% in Q1
Essar Steel has reported a 300% jump in net profit at Rs 207.71 crore during Q1 ending June, up from Rs 50.44 crore in the same period last year.
Essar Steel, a flagship company of Ruias Essar Group, has reported a 300 per cent jump in net profit at Rs 207.71 crore during first quarter ending June, up from Rs 50.44 crore in the same period last year.
The company, with an annual capacity of three million tonnes, recorded a turnover of Rs 1,652.89 crore and registered a growth of 24.5 per cent against the corresponding period last year.
The company's strong financial performance has been helped by the acquisitions it completed of Sterncor (51 per cent) in Hy Grade Pellets Ltd and 100 per cent stake of Sterncor in Steel Corporation of Gujarat Ltd, according to a company release.
Essar Steel also introduced Shot Blasted and Primer Coated steel plates for use in the fabrication and ship building industries, the release said.
It also introduced a range of hot rolled, pickled and oiled products, cold products and galvanised items, having application in auto and auto components industries.
Essar produced 6.46 lakh tonnes of HR Coil in the fiscal, recording a 16 per cent jump from last year's 5.59 lakh tonnes.