Business Daily from THE HINDU group of publications
Saturday, Jul 29, 2006
Business Daily from THE HINDU group of publications Saturday, Jul 29, 2006 |
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Corporate Results
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Steel
Our Bureau
New Delhi , July 28 Steel Authority of India Ltd on Friday reported Rs 1,386 crore profit after tax (PAT) for the first quarter of the current financial year marking an increase of 23 per cent over the same quarter last fiscal. The company's turnover during the quarter improved by 29 per cent to Rs 8,412 crore. Talking to reporters, the SAIL Chairman, Mr V.S. Jain said that the improvements are the result of operating at a more than 100 per cent capacity utilisation and increase in steel demand. Mr Jain said that the company is gearing up to compress its corporate plan that envisaged production of 20 million tonnes of steel by 2012 and intends to complete it by 2010. "According to the corporate plan it was decided that we would be taking up the expansion plans one by one but this can be preponed and that could reduce the time frame," he said. Ruling out any acquisition of steel capacities outside India, Mr Jain said, "It has been decided that SAIL would remain essentially a domestic company." However, the company is planning to acquire coal properties abroad and is currently examining samples from three foreign coal mines at its laboratories. "We would be looking for coal that can be blended with Indian coal. At present 65 per cent of SAIL's coal requirement is imported while the remaining 35 per cent is sourced domestically," he said.
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