SAIL Q3 net falls 23 % to Rs484 crore; declares 16 % interim dividend
12 Feb 2013
Maharatna public sector undertaking Steel Authority of India Limited (SAIL) has reported a net (after tax) profit of Rs484 crore for fiscal third quarter, against a net profit of Rs632 crore in the comparable quarter of the previous year.
Profit before tax in the October-December 2012 quarter was also lower at Rs702 crore against a PBT of Rs904 crore in the previous year quarter.
Sales turnover in the October-December 2012 quarter, however, was marginally higher (up 1 per cent) at Rs11801 crore against Rs11,686 crore in the previous year quarter.
SAIL attributes the lower net sales realisation to a subdued market and increase in royalty of raw materials, which impacted profitability of the company.
The board of directors of SAIL approved an interim dividend of 16 per cent for the fiscal against an interim dividend of 12 per cent paid last year.
Total sales in the October-December 2012 quarter grew 5.1 per cent and production of saleable steel was up 1.8 per cent compared to the comparable quarter of the previous year.
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