Godawari Power and Ispat Limited, an integrated manufacturer of sponge iron, captive power, steel billets, wires and ferro alloys reported a 81.94 % jump in its net profit to Rs. 94.99 crore for the full year ended 31st March, 2008 as compared of Rs 52.21 crore posted in FY07. Net sales for FY08 rose to Rs. 829.27 crore as against Rs 442.09 crore in FY07 registering a growth of 87.58 %.

During the forth quarter the net sales rose by 138.96 % to Rs 263.41 crore as compared to Rs. 110.23 crore during the same period last fiscal. Net Profit in Q4FY08 grew by 141.26% to Rs. 28.83 crore from Rs. 11.95 crore in the corresponding quarter of FY07.Earnings per share (EPS) for the year ended March 31, 2008 stood at Rs. 37.18 as against Rs. 21.02 per share in FY07 registering a growth of 76.88%.

Commenting on the results, Mr. B. L. Agrawal, Managing Director said: “Company’s phase II expansion have completed during the year which resulted into higher production and sales volumes, coupled with increase in sales prices The Company is setting up an Iron ore palletisation plant with a capacity of 6,00,000 MTPA, which is progressing on schedule and expected to start production in Q2FY09. The Company has decided to set up another Iron ore palletisation plant with a capacity of 6,00,000 MTPA in Orissa through a Joint Venture Company in the name of M/s Ardent Steel Limited, in which the Company will have 75% capacity stake.

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