The Revenue increased by 22.4% on YoY basis and fell by 7% on QoQ basis due to slumping of steel prices and on the back of inventory write down.

Operating Profit decreased by 37.2% on YoY basis and by 52% on QoQ basis due to increase in raw material inventory and lower sales volume. The company also announced a production cut temporarily for two months from November & December 2008.

The Interest increased by 81% on YoY basis and by 60% on QoQ basis and Depreciation increased by 20.4% on YoY basis and by 24% on QoQ basis.

The company could not maintain its margins in spite of growth in volume and higher realization as the cost of production in fact gone up by 49%.

The company’s Debt gearing was at 1.24 as against 0.93 as on 31/03/2008.

Other income fell by 7.4% on YoY basis and increased by 6332% on QoQ basis.

PAT decreased by 37.8% on YoY basis and by 91% on QoQ basis.

Company reported a EPS of Rs. 2.18 for Q4 FY09 & Rs. 22.70 in FY09.

The Company commissioned the 2.8 MTPA expansion project taking the installed capacity to 7.8 MTPA.

During the quarter, the Company has bought back and cancelled 478 Foreign Currency Convertible Bonds (FCCBs) of the Face Value of USD 1,00,000 each, the purchase being with the approval of the Reserve Bank of India, at a discount to the Face Value.

This has resulted in a saving of Rs. 9730 lacs which has been reflected as part of Other Income. Consequent upon such buy back and cancellation, the Company's obligation to convert the said Bonds into Shares, if so claimed by the Bond Holders and / or to redeem the same in foreign currency, has come to an end vis-a-vis the cancelled Bonds.

Exceptional Items represent a net exchange gain of Rs. 1783 lacs and net exchange loss of Rs. 79013 lacs respectively for the quarter and year ended March 31, 2009 due to the unprecedented depreciation in the value of the rupee against various foreign currencies over the last year.

The implementation of new Hot Strip Mill with 5 MTPA capacity to be completed in two phases, the first phase of which is expected to be completed by March 2010.

Expansion of crude steel capacity by 3.2 MTPA to scale up the overall capacity to 10 MTPA at Vijaynagar works and is expected to be completed by 31st March 2011.

The share is trading at PE of 6.27x for trailing 4 quarters. The Face Value of the Share Price is Rs. 10 per share. & P/BV is 0.97.