SAIL Q2 net up 28% at Rs 1,443 crore

New Delhi, Oct 30 (UNI) Steel Authority of India Ltd (SAIL) today achieved 28 per cent growth in net profit at Rs 1,443 crore in Q2FY07 over the same corresponding period last year.

Announcing the results, SAIL Chairman S K Roongta said the company posted its highest-ever net profit of Rs 2,829 crore in the first-half of the current fiscal, a rise of 26 per cent over the corresponding period last year (CPLY).

The Q2 turnover stood at Rs 9,586 crore representing a growth of 17 per cent over the same period a year ago. The company recorded best-ever H1 production and sales figures, achieving a turnover of Rs 17,998 crore, a growth of 22 per cent over the CPLY.

SAIL's unaudited financial results for April-September of 2006-07 were taken on record by the company's Board of Directors here this morning.

During the first six months of 2006-07, SAIL achieved saleable steel production of 6.01 million tonnes, 6 per cent higher over CPLY. This included production growth of 12 per cent achieved by the three special steel plants of SAIL.

The company recorded an average capacity utilisation of 108 per cent during H1. During the period, SAIL recorded substantial growth in production of value-added products like Pipes (67 per cent), Bars and Rods (19 per cent), Hot Rolled Coils (13 per cent), CRNO (12 per cent) and Plates (11 per cent).

During April-September 2006, SAIL produced 4 MT of steel through continuous casting route, a growth of 7 per cent over the CPLY. It also reduced its manpower by over 2,200 during the period.

SAIL's performance in H1FY07 was supported by sales of 5.4 MT, a rise of 15 per cent over the same period aq year ago. Of this, 5.1 MT (14.7 per cent growth) were sold in the domestic market.

The company also enhanced exports by 24 per cent by shipping 0.3 MT of steel during the period.

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