New Delhi, Aug. 11: State-run Steel Authority of India Ltd (SAIL) today reported an 18 per cent rise in net profit at Rs 530 crore for the April-June quarter compared with Rs 451 crore in the year-ago period, buoyed by higher sales and price of steel.
SAIL chairman C. S. Verma said, “I think net sales realisation will improve further. The market has firmed up and there has been a resurgence in demand. The monsoon is going to be over in the next few weeks and I believe, demand will be brisk.
“The management’s emphasis on production and sale of value-added products has enabled significantly higher net sales realisation,” he said.
Net sales realisation rose to Rs 36,858 per tonne during the quarter from Rs 35,777 a tonne. Its sales rose to 2.76 million tonnes (mt) during the quarter against 2.62mt. Both these factors helped the company to improve its turnover to Rs 12,515 crore, a growth of 10 per cent.