The Hindu Business Line : SAIL net up 28% in Q2

Steel Authority of India Ltd (SAIL) on Monday reported a net profit of Rs 1,443 crore for the July-September quarter marking an increase of 28 per cent compared to the corresponding period last fiscal.

The performance of the second quarter helped the company achieve its highest-ever first half net profit of Rs 2,829 crore, registering a growth 26 per cent compared to last fiscal.

Total revenue during the quarter increased by 17 per cent to Rs 9,586 crore and total revenue for the first half stands at Rs 17,998, up 22 per cent compared to last year.

According to the company's Chairman, Mr S.K. Roongta, "SAIL has maintained sustained growth and profitability. While implementing our growth plans for future, there will be special thrust on utilising current potential of our human resources and other assets to the fullest extent." SAIL's debts have come down to Rs 3,882 crore at the end of second quarter against Rs 4,000 crore last year.

During the first six months, SAIL achieved highest-ever saleable steel production of 6.01 million tonnes, up 6 per cent over the corresponding period last year and recorded an average capacity utilisation of 108 per cent.

SAIL also reduced its manpower by over 2,200 during the period.

During the day, the SAIL board also accorded in-principle approval for five new projects at a total investment of around Rs 700 crore.

Of these, two projects are for Bhilai Steel Plant - installation of 650 tonnes per day air separation unit at the oxygen plant-II and installation of electro-magnetic stirrer in bloom caster at the steel melting shop.

The projects also include a new coke oven gasholder at Rourkela Steel Plant and also installation of one new turbo-blower in Bokaro Steel Plant's turbo-blower station and modernisation and capacity enhancement of Durgapur Steel Plant's Merchant Mill.

With these projects, total in-principle project approvals during the current fiscal have exceeded Rs 14,000 crore and projects for about Rs 19,000 crore are under various stages of implementation, according to an official release.

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