SAIL Q1 net up 23 pc to Rs 1386 crore

Mumbai, July 28 (UNI) The public sector Steel Authority of India Ltd (SAIL) has posted a net profit of Rs 1386.41 crore for the quarter ended June 30, 2006 as compared to Rs 1126.48 crore for the quarter ended June 30, 2005, an increase of 23.07 per cent.

Announcing the results, the company said its total income (net of excise) has increased from Rs 5772.75 crore for the quarter ended June 30, 2005 to Rs 7567.70 crore for quarter ended June 30, 2006.

SAIL had recently announced its plans to expand the greenfield plant in Bokaro steel site by pumping in Rs 20,000 crore to set up a five million tonne facility, as the PSU is facing growing competition with the entry of steel giants such as POSCO and Mittal Steel into India.

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