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Corporate Results - Steel

SAIL posts record 336 per cent rise in first quarter net profit

Our Bureau

New Delhi , July 29

STEEL Authority of India Ltd (SAIL) has reported a 336 per cent increase in profit for the first quarter of the current financial year, which is the highest-ever profit registered by the company in any quarter since inception.

Net profit during the quarter increased to Rs 1,112 crore compared to Rs 255 crore recorded during the same period last year, according to a company release.

The company's turnover during the period went up by around 18 per cent to Rs 5,633 crore from Rs 4,765 crore despite lower hot metal production as a result of coal shortage, the release said.

According to the company, the improved performance is an outcome of several factors which include reduction in proportion of sales of semis by 11 per cent, higher sales of value-added products from the integrated steel plants, an overall one per cent reduction in energy consumption and a 171 per cent increase in project supplies. The company reduced its debts by Rs 960 crore during the quarter resulting in an improvement in the debt-equity ratio to 1.33:1 compared to 1.86:1 at the end of the January-March quarter.

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