Indian cold rolled steel producer Bhushan Steel Ltd. has announced that during the first quarter ended June 30 its net profits rose by 58 percent year on year, mainly due to cost reductions.
In April-June 2007, the company registered a net profit of Rupees 981.4 million ($24.4 million) on net sales of Rupees 9.4 billion ($233.6 million.)
According to the company's chief financial officer Mr. Nittin Johari, Bhushan Steel Ltd. expects to post over 30 percent net profit growth and 25 percent revenue growth in the 2007-2008 financial year.