Steel Authority of India (SAIL) has reported a net
profit at Rs 1577 crore for the March quarter, up 3%, year-on-year, despite a
35% increase in input cost.
The state run steel maker said that the imported coking coal
which is used in manufacturing steel went up to $288 per metric
tonne during FY12 when compared with $213/metric tonne in the
preceding financial year. This, again was compounded by the rupee depreciating
against the dollar, carrying an adverse impact of aroumd Rs 900 crore.
The company said its turnover for the quarter grew 13% to Rs
14,785 crore,YoY.
For the full year ended March 31, SAIL posted a 27.8%
decline in its net profit at Rs 3543 crore. Sales, however grew 7% to Rs 50348
crore.
"It is a matter of great pride that SAIL's
turnover crossed the Rs. 50,000-crore mark during a year in which the global
economy faced many challenges. With 2012 having begun on a very positive note
for us, and our strategic initiatives in several areas taking firm shape, our
outlook is bright. The focus during the current year will be on completing the
ongoing M&E plan to give SAIL the readiness to meet the projected growth in
steel demand during the 12th Plan period and beyond," SAIL Chairman Mr.
C.S. Verma said.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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