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Steel Authority of India Lts has reported a ₹616.30 crore net profit during the third quarter of financial year 2018-2019.
This is over 14 times the ₹43.16 crore net profit reported by the company in the corresponding period of the last financial year.
The turnover for the quarter ending December 31, 3018 improved by 3 per cent over the corresponding period last year and was ₹15,660 crore compared to ₹15,190 crore reported during the same period of the preceding financial year.
A company statement said: “During the quarter under review, SAIL recorded the best ever quarterly crude steel production of 4.3 million tonnes (MT), a 10 per cent growth over the same period last year.”
SAIL Chairman, Anil Kumar Chaudhary said: “The potential of steel consumption in domestic market is huge. We are focussed on meeting requirements of all sectors while enhancing our volumes. Higher production of value added steel is another focus area and we are committed to provide end-to-end customer services.”
Pointing at the current volatility in steel prices he said that despite various factors including cheap imports, the prices are expected to improve in coming days considering the high input costs.
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