Business Daily from THE HINDU group of publications
Tuesday, Jul 22, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Jul 22, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate Results
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Steel
Mr S.K. Roongta Our Bureau New Delhi, July 21 Riding on a more than 10 per cent growth in domestic sales coupled with a 30-40 per cent increase in steel prices over the past one year, Steel Authority of India Ltd on Monday reported a profit after tax of Rs 1,835 crore for the first quarter of the current fiscal, up 20.3 per cent compared to the Rs 1,525 crore in April-June 2007. The company’s sales turnover during the quarter went up by 37 per cent to Rs 12,183 crore, against Rs 8,898 crore in April-June 2007. Explaining that the company had used a multi-pronged strategy to contain cost and increase realisations, the Chairman of SAIL, Mr S.K. Roongta, said “Our strategy of thrust on production of value-added and special quality steels, higher production and higher capacity utilisation along with continual improvement in operational efficiencies has helped the company offset cost pressures and improve profitability, in spite of holding the price line.” The company has produced around 1 million tonnes of value-added and special steels, which attracts higher premiums, during the quarter, up 41 per cent compared to the corresponding quarter of the previous year while capacity utilisation also went up to 88 per cent from 84 per cent. SAIL’s shares closed 1.5 per cent up on the NSE at Rs 125 on Monday. `We want to make profits, but we don't like to profiteer' SAIL asks retailers to limit profit margin More Stories on : Steel | Steel Authority of India Ltd
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