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Essar Steel's total Income at Rs. 1428.95 cr.up 53%; Net Profit up, at Rs. 197.54 cr. for the quarter ended Dec. 31, 2004
January 28, 2005    
Financial Performance
Essar Steel Limited (ESTL) registered a total income of Rs.1428.95 crore (Net of Excise) for the quarter ended December 31, 2004 compared to Rs.931.58 crore in the corresponding period of the previous year, an increase of 53%. Net profit stood at Rs. 197.54 crore (Loss of Rs.21.74 crore) after providing for finance costs of Rs.129.16 crore (Rs136.55 crore), depreciation of Rs.100.73 crore (Rs. 102.78 crore) and Provision for Deferred Tax of 5.49 crore (Deferred Tax credit Rs.11.34 cr.).
Operating Performance
Essar's steel production during the period under review was 5.41 Lakh tonnes (5.12 Lakh tonnes).

Total sales for the quarter stood at 5.24 Lakh tonnes (5.02 Lakh tonnes). The Company reported domestic sales of 3.60 Lakh tonnes (3.56 Lakh tonnes and export sales of 1.64 Lakh tonnes (1.46 Lakh tonnes).

Essar Steel has finalised plans to increase its capacity at the Steel Plant at Hazira, from 2.4 MTPA to 3.6 MTPA by March 2006, by de-bottlenecking. The company has moved up the value chain in its down-stream products by a combination of technology inputs and quality improvements. Essar now offers over 300 customised grades of steel and is on the approved list of companies for supplies to some of the world's most renowned automotive companies and Oil and Gas Pipeline projects
Market Outlook
Raw material prices and freight rates remained firm during the quarter under review. Domestic and international demand for steel continues to remain firm. International steel production has crossed the billion tonne mark.
Audited Financial Results for the Quarter and Year
from 1st April, 2004 to 31st March, 2005
Media contact:
Corporate Communications: Essar House, 11 K.K.Marg, Mahalaxmi, Mumbai 400034, India
Mumbai:
Telephone: 91-22-24950606
Fax: 91-22-66601809
New Delhi:
Telephone: 91-11-29842563/ 9546
Fax: 91-11-29844370
E-mail:
 
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