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SAIL posts Rs 90-crore cash profit

Oct. 29: The Steel Authority of India Ltd (SAIL) has posted a cash profit of Rs 90 crore in the first six months ended September 30 against a cash loss of Rs 137 crore in the first half last year.

The strong second quarter performance coupled with higher realisations has helped the company wipe off the first quarter’s cash losses of Rs 22 crore.

An improvement of 12 per cent in net sales realisation, a volume growth of 8 per cent in mild steel, a production growth of 8 per cent and lower capital related charges primarily contributed to the company’s fairly good performance, a senior SAIL official said.

The company’s net loss stood at Rs 467 crore in the first half, lower from the net loss of Rs 704 crore a year ago.

Higher sales and firming up of steel prices boosted the turnover to Rs 8,189 crore, which is 17 per cent above the turnover of Rs 6,977 crore in the first half of 2001-02.

“Actions taken internally have helped us earn a cash profit. We are set to better our performance in the second half on the strength of an even more challenging growth and productivity improvement programme,” SAIL chairman V. S. Jain said.

SAIL has sold 40.77 lakh tonnes of mild steel in the domestic market reflecting a growth of 9 per cent.

The company further brought down interest charges by Rs 92 crore.

BPCL net up 78%

Increase in the import parity prices have led Bharat Petroleum Corporation Ltd (BPCL) to post an 78.44 per cent increase in net profit at Rs 324.6 crore for the second quarter ended September 30 as compared with Rs 181.9 crore in the same period of previous year. The net sales or income from operations for the reporting second quarter stood at Rs 11,230 crore as compared with Rs 9,906 crore in the same period of the last year, BPCL director finance Ashok Sinha said in a statement today.

For the half year ended September 30, the company's net profit stood at Rs 569.6 crore (Rs 404.8 crore) while net sales were at Rs 22,309.8 crore (Rs 20,052.3 crore).

Gujarat Ambuja net

Gujarat Ambuja Cements Ltd’s (GACL) net profit has dived by 62.70 per cent to Rs 17.65 crore for the second quarter ended September 30, reflecting the slump in cement prices, as compared with Rs 47.33 crore in the same period of previous year.

The company’s net sales or income from operations stood at Rs 434.03 crore over Rs 340.08 crore in the same period last year, GACL managing director N. S. Sekhsaria said in a statement here today.

The company said cement production has increased to 2.07 million tonnes in the second quarter as compared with Rs 1.47 million tonnes in the same period previous year.

Voltas profit leaps

Voltas Ltd has reported a massive 111.23 per cent increase in net profit at Rs 7.52 crore in the second quarter ended September 30 against Rs 3.56 crore in the same period of the previous year.

Sales (net of excise) have increased to Rs 269.71 crore in the reporting quarter compared with Rs 190.86 crore in the same period of the previous year, Voltas informed the Bombay Stock Exchange here today.

The company’s other income increased from Rs 3.92 crore to Rs 7.39 crore in the current quarter.

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