JVSL posts 2003-04 fiscal year results
Indian steel producer Jindal Vijaynagar Steel Ltd (JVSL) has recently posted financial results of 2003-04 fiscal year. Accordingly, net profit of the company is recorded as Rupees 5.28 billion ($115.4 million) against loss of Rupees 1.1 billon ($24 million) recorded in the previous fiscal year. Gross sales of JVSL are recorded as Rupees 36 billion ($788.6 million) and the total expenditure increased to Rupees 22 billion ($488 million) up by 23%. Moreover, JISCO, parent company of JVSL reported its net profit as Rupees 2.4 billion ($52.6 million), indicating an increase of 101% when compared to net profit recorded in the previous fiscal year. Sales of JISCO also increased by 41% to Rupees 22.6 billion ($495 million). Meanwhile, JISCO will merge with JVSL during current fiscal year, according to the sources.