Jindal reports raised net profit for the past fiscal year

Jindal reports raised net profit for the past fiscal year

Indian Jindal Group's Jindal Steel & Power Ltd. announced 2002-2003 financial results. The company posted a net profit of Rupees 145 crore (approx. $30.7 million) for the financial year ended March 2003, raising its net profit by 35% over the previous year. The record turnover of Rupees 1100 (approx. $233 million) crore for the period is raised by 70% over the previous fiscal year. The company has set the goal of reaching a Rupees 1600 crore (approx $339 million) turnover target for the current fiscal year, depending on the new rail mill's production. Furthermore, the company has expansion plans including increasing the sponge iron production capacity to 1.3 million tons over the next couple of years. The project is worth Rupees 550 crore (approx. $116 million) and will be carried out gradually and to be commissioned by March 2005.