From correspondents in West Bengal, India, 08:32 PM IST

Steel manufacturing company Jai Balaji Industries recorded a 96 percent rise in its net profit in the quarter ended June 30, 2008, compared to the corresponding period last fiscal.

The net profit stood at Rs.460 million during the first quarter compared to Rs.230 million during the same period last fiscal.

Total income for the quarter was Rs.4.70 billion as compared to Rs.2.52 billion in the same period last year, reflecting an increase of 86 percent.

Aditya Jajodia, chairman and managing director of Jai Balaji Industries, said: 'The company has been consistently delivering continuous growth both in topline as well as in the bottomline with the support of its stakeholders. With our expansion plans moving ahead as per schedule, we are confident that Jai Balaji Industries will grow into a large and efficient steel company.'

(Staff Writer, © IANS)