The Hindu Business Line : STC turnover crosses Rs 5,000 cr

The State Trading Corporation of India Ltd (STC) has crossed the Rs 5,000-crore turnover during the first half of the current fiscal and posted a 48 per cent in its net profit after tax (PAT) at Rs 29 crore.

According to a company statement issued here, the first-half PAT of Rs 29 crore has also exceeded the proportionate MoU target the company entered into with the Government by about 50 per cent. The company claimed that it is for the first time that PAT of such a magnitude has been scored during a six-month span.

The high growth in turnover is ascribed to a strong performance on export front and in a number of areas of imports and also ongoing imports of wheat being undertaken by STC.

While exports crossed the level of Rs 1,200 crore with the bulk of Rs 950 crore due to extension of overseas steel operations by STC to Bulgaria, import turnover grew by 22 per cent. The relatively strong import growth is despite a decline in the imports of bullions from Rs 1,608 crore to Rs 1,101 crore during the period under review and decline in import of hydrocarbons from Rs 761 crore to Rs 384 crore. But these were made good by significant import growth in edible oil, petrochemicals, kerosene and pulses.

Wheat imports

During the period under review, the Corporation has been authorised to import by the Government 55 lakh tonnes of wheat. Till end-September, a quantity of 15 lakh tonnes valued at Rs 1,365 crore has arrived in the domestic ports and delivered to Food Corporation of India.

The overall domestic trade turnover of Rs 194 crore consisted of steel, pulses and hydrocarbons, minerals and metals. STC also diversified into purchase of seeds for domestic sale/exports and sold Rs 68 crore worth of extraction/seeds in the domestic markets.

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