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Sail H1 net at Rs 760 crore

October 30, 2003 14:59 IST

The state-run Steel Authority of India Ltd on Thursday reported a net profit of Rs 760 crore (Rs 7.60 billion) in the first half of the current fiscal when compared with a net loss of Rs 467 crore (Rs 4.67 billion) in the corresponding period last year.

Sail's net profit touched an all-time high of Rs 505 crore (Rs 5.05 billion) in the second quarter ending September 30, doubling the Rs 255 crore (Rs 2.55 billion) profit earned in the first quarter, company officials said in New Delhi.

During April-September, Sail posted a 27 per cent growth in turnover to Rs 10,412 crore (Rs 104.12 billion). The surge in turnover was backed by a total sales volume of 4.9 million tonnes achieved during April-September 2003, a growth of around 10 per cent.

This also included exports of 0.6 million tonnes which was 114 per cent higher than 0.28 million tonnes in the corresponding period last year.

Commenting on the performance, Sail chairman V S Jain said, "The upward trend in almost all performance parameters indicates the inner strengths of the company and is a result of sustained efforts by the employees to achieve a turnaround."

"I firmly believe Sail will build further on its success and live up to the expectations of its stakeholders," he added.

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