Steel Authority of India Ltd. (SAIL) on Friday posted an increase in its sales and a 10 per cent rise in profit after tax at Rs.533 crore for the October-December quarter of the current fiscal.
Talking to reporters here, SAIL Chairman, C. S. Verma said notwithstanding a subdued demand environment in the economy, the company’s sales went up by 7 per cent and net sales realisation was also higher leading to profit after tax to grow by 10 per cent. In the last three months, the company hiked prices up to Rs.1,500 a tonne.
Interim dividendThe board also approved a 20.2 per cent interim dividend as against 16 per cent last year.
During the quarter under review, SAIL reported a turnover of Rs.12,716 crore compared to Rs.11,801 crore in the year-ago period, recording an eight per cent growth. Sales rose to 2.94 million tonnes (MT) during the quarter under review as demand from both flat and long products from end-users went up. Sales of flat steel rose 8.6 per cent, long products rose 4.5 per cent. The average net sales realisation, as a result of better price, marginally has risen to Rs.35,336 crore during the quarter from Rs.35,168 crore a year ago.
He said all the integrated plants of the company were running at over 100 per cent rated capacity. “Going forward, we are confident that the product and process improvement currently under way in SAIL as a result of modernisation will bring in greater returns on our investment,” he said.
