New Delhi, Feb. 14: Steel Authority of India Ltd (SAIL) has reported a 10 per cent growth in net profit at Rs 533 crore for the quarter ended December on robust volumes and higher realisations.
Net profit stood at Rs 484 crore in the corresponding quarter of the previous fiscal.
Total turnover grew 8 per cent to Rs 12,716 crore from Rs 11,801 crore a year ago, despite subdued demand.
Total sales rose 7 per cent to 2.94 million tonnes (mt), the company said, adding that its plants continue to perform well.
“The increase in sales turnover achieved by SAIL, despite a flat steel market, is an indication that the company is well-placed to meet any market situation,” chairman C.S. Verma said.
The company reached its highest production of value-added steel at 1.35mt in the last quarter.
“Going forward, we are confident that the product and process improvement currently underway in SAIL as a result of modernisation will bring in greater returns on our investment,” Verma said.
He said construction, automobile and white goods segments contributed to the sales growth of the company.