Record profit from Ispat Industries for fiscal 2002-03

Record profit from Ispat Industries for fiscal 2002-03

Indian steel producer Ispat Industries has reported a net profit of Rupees 82.83 crore (approx. $17.8 million) for the year ended March 31, 2003 after making loss for four consecutive financial years. The company has announced Rupees 442.85 crore loss in the previous fiscal year. Due to strong export demand and increase in steel prices, the company has converted its losses to profit. Furthermore, the company's total income was Rupees 3.161 crore for the year ended March 31, 2003 with an 64% increase when compared with Rupees 1.851 crore in the previous year. In addition, Ispat's exports have raised to Rupees 799.28 crore for the aforementioned year against Rupees 201.05 crore in 2001-02. Company authorities have stated that the company wil continue to strive for profit rise.