Indian integrated flat carbon steel manufacturer Essar Steel has announced its financial results for the fiscal year ended March 31, 2015. The company's profit after tax totaled INR 6.48 billion compared to the loss of INR 15.97 billion in the previous fiscal year, while its gross revenue increased by 19.6 percent year on year to INR 14.35 billion.
In FY 2014-15, Essar Steel's EBITDA grew by 188.45 percent to INR 5.39 billion, while its operating margin doubled to 18 percent, both on year-on-year basis. The improvement in financial performance is attributed to the improved operating margin due to various innovations and cost-cutting measures in spite of a richer product mix.
Firdose Vandrevala, executive vice chairman of Essar Steel India, said, "Essar Steel has completed all major projects at a competitive cost. The company's strategy to focus on value-added products, introducing new products, improved operating margins and cost-saving has aided the improved performance of the company. We have drawn up a clear road map to strengthen the balance sheet through infusion of funds, ramping up production and improving profitability to ensure sustainable operations of the company."