Godawari Power and Ispat Ltd. an integrated manufacturer of sponge iron, captive power, steel billets, wire rods, and ferro alloys reported a 82.02 % increase in net profit to Rs. 23.79 crore for the quarter ended December 31, 2007 as compared to Rs. 13.07 crore in Q3FY07. Net sales for Q3FY08 rose to Rs. 217.44 crore as against Rs. 124.51 crore posted in Q3FY07 registering a growth of 74.64 %.

Earnings per share (EPS) for the quarter ended December 31, 2007 works out to Rs. 9.57 per share as against Rs. 5.26 per share in Q3FY07.

During the nine month period, the Net Profit increased 64.33 % to Rs. 66.16 crore, against Rs. 40.26 crore, while, Net Sales rose 70.51 % to Rs. 565.86 crore as against Rs 331.86 crore during the nine months in last fiscal.

Commenting on the results of the Company, Mr. B. L. Agrawal, Managing Director of the Company said that the robust growth in volume and earnings was on account of expansion in manufacturing capacities in sponge iron, steel billets and captive power generation plant coupled with better sales realisation of finished products. He also informed that the Company has recently concluded a QIP issue of Rs.100 crores at a price of Rs.310/- per share to fund the Iron ore palletisation plant and set up other infrastructure facilities at the existing steel plant.

The Company has also been recently awarded prospective license for iron ore mines over 754 hectares of area by the Government. The Company have captive iron ore mining lease over 216 hectares and coal mines with a reserve of 63 millions. The Company is trying to get regulatory approval for starting the operations at mines.

Sourced From: Adfactors Public Relations Pvt Ltd

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