• Net Sales revenue for the quarter ended Sept’08 stood at Rs 253.85 crore which was 21% higher when compared with corresponding quarter last year. However the OPM decreased by 590 basis points to 18.4%.

• The subsequent Operating Profit for the quarter under review stood at Rs 46.63 crore which was 8% lower on a Y-o-Y basis comparison. The ensuing PAT for the quarter ended Sept’08 stood at Rs 23.43 crore which was 13% lower when compared with quarter ended Sept’07 figures.

Highlights of the call

• As on 1^st of October 2008 the order book stands at Rs 539 crore, executable over a time period of 6-7 months

• Orders to the tune of Rs 298 crore is for the Stainless Steel division, while orders to the tune of Rs 241 crore is for the Carbon Steel division.

• Within the Stainless Steel division orders to the tune of Rs 205 crore are domestic orders, while orders to tune of Rs 93 crore are orders for Exports and SEZ Supplies.

• Within the Carbon Steel division orders to the tune of Rs 207 crore are domestic orders, while orders to tune of Rs 34 crore are orders for Exports and SEZ Supplies.

• For the quarter ended Sept’08, Sales volume of Stainless Steel and Carbon Steel stood at 3267 Mt (Metric tonnes) and 18507 Mt respectively.

• The Management expects the demand from the Middle East region to remain healthy.

• Till date for the FY 2008-09 the company has incurred a capex of Rs 80 crore.

• As on 30^th September 2008 the Secured loan stands at Rs 102.69 crore, while the Unsecured loan stands at Rs 128.33 crore.

• During the quarter under review the company has not provided for the impact of MTM forex losses (under AS 11) of Rs 6.08 crore on its foreign currency borrowings (US$ 15 Million) . The company will provide for the net MTM losses of foreign currency borrowings at the end of the current financial year.