SAIL Q2 net falls 34 per cent to Rs1,090 crore
28 Oct 2010
Public sector Steel Authority of India (SAIL) today reported a 34 per cent year-on-year fall in its stand-alone net profit for fiscal second quarter to Rs1,090.01 crore from Rs1,663.49 crore in the year-ago quarter.
SAIL, India's largest domestic steel producer, however, reported higher net sales of Rs10,603 crore during the quarter against Rs9,944 crore in the similar quarter of the previous year.
SAIL's total income during the quarter ended 30 September 2010 also increased 5.77 per cent to Rs11,181.55 crore from Rs10,571.59 crore in the quarter ended 30 September 2009.
SAIL runs five integrated steel plants, three special plants, and one subsidiary across the country.
With a turnover of Rs43,935 crore, the company is among the four Maharatnas among the country's central public sector enterprises.
Earlier this month, SAIL had reported 30.8 per cent year-on-year jump in July-September 2010 sales compared to its first quarter sales. SAIL sold 3.7 million tonnes of steel during the quarter against 3.08 million tonnes of steel sold in the similar quarter of the previous year.
During July-September '10 quarter, SAIL sold 8.5 lakh tonnes of special and value-added steel products, showing a growth of 10.1 per cent over the corresponding period last year. Special steels constituted 30 per cent of the company's total domestic sales in Q2.
SAIL attributed the growth in Q2 sales to higher intake by the construction and manufacturing sectors. This was reflected in higher sales of products such as wire rods (60 per cent over), rounds and bars (17.3 per cent), structurals (17.7 per cent), CR sheets/coils (16.8 per cent), galvanised items (24 per cent), etc.
