Gujarat NRE Coke continues its march ahead: excellent results posted
(Press Release, October 2003)

Kolkata October, 2003: In keeping with its dream run, the Kolkata based manufacturer of Low Ash Metallurgical Coke (LAMC), Gujarat NRE Coke Limited has posted excellent results for the quarter ended September 30th, 2003.

Net Sales from operations have gone up by 13.73 percent from Rs.35.75 crores for the quarter ended 30.09.2002 to Rs.40.66 crores in the current quarter ended 30.09.2003. Similarly the net profit after tax has shown a whooping increase of 82.20% from Rs.3.09 crores to Rs.5.63 crores. The earning per share (EPS) has also shot up in the current quarter to Rs.2.14 from Rs.1.76 (this is on expanded equity consequent to 1:2 Bonus Issue in this year).

The very positive results have come into being as a combination of various factors. On the one hand the company has reaped the benefit of a global good time in the steel and its user segments while on the other hand, calculated steps taken by the management have started bearing fruit. The company�s conscious decision to retire high cost debts have started showing reflection in the results (interest outflow has come down to Rs.1.65 crores from Rs.2.25 crores). The foresight of the management, who went in for expansion anticipating good times ahead when the markets were not that encouraging have also contributed to the bottom-line. It can be stated here that today NRE Coke has 11 chimneys in production and is the largest manufacturer of LAM Coke in the Western Part of the country.

NRE Coke's efforts to generate electricity from the waste heat emanating from its chimneys would also add to the bottom-line while the process of restructuring by merging its sister concerns and ensuring that the resources are all concentrated into further strengthening the company�s performance.

�Yes, we�re happy with the way things are progressing at NRE Coke� says Sri Arun Kumar Jagatramka, Managing Director �and we are confident of posting very encouraging results for next year, considering the current trends� The company which had paid regular dividends for last 2 years and offered bonus shares to its shareholders in the last year is also confident of ensuring the smile on their faces in the current year.

Gujarat NRE Coke shares are currently listed in the Munbai and Kolkata Stock Exchanges and are traded briskly within the range of Rs.18/- to Rs.24/-.