Calcutta, June 30: Ispat Industries Ltd (IIL), flagship company of the Mittal group, today reported a net profit for the fiscal 2002-03 after incurring hefty losses for four consecutive previous financial years.
The company has reported a net profit of Rs 82.83 crore as against a loss of Rs 442.85 crore in the previous fiscal. Ispat attributed the performance to surge in export demand and increasing steel prices.
The company’s export earnings have risen to Rs 799.28 crore in the year under review compared with Rs 201.05 crore in 2001-02. Turnover stood at Rs 3,161.08 crore last year, up 70 per cent over Rs 1,850.66 crore in the previous year.
Commenting on the performance, Pramod Mittal, chairman and managing director, said, “We still have a long way to go.” He expressed confidence that the company will be able to maintain a steady growth.
IIL has stressed the need for cost cutting exercise to further improve profitability.