SAIL Q1 net up 10 pc at Rs 1525.12 crores

By Staff
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Google Oneindia News

New Delhi, July 25: The public sector Steel Authority of India Ltd (SAIL) today posted a 10 per cent growth at Rs 1,525.12 crore against 1,386 crore over the corresponding period last year.

''The company has achieved best-ever first quarter (Q1) financial performance during April-June 2007,'' SAIL Chairman S K Roongta told reporters here today while announcing the company's unaudited financial results.

He said the result showed that first quarter Q1 profit before tax (PBT) was highest at Rs 2,308.98 crore, a 10 per cent increase over same period last year.

SAIL achieved a turnover of Rs 8,898.45 crore, which was 5.8 per cent higher than CPLY and also the highest recorded in any Q1.

The PSU achieved record production of 3.8 million tonnes (MT) of hot metal and 3.4 MT of crude steel during Q1 with capacity utilisation of blast furnaces going up to 110 per cent.

Mr Roongta said the company's thrust was continued to reorient the company's product-mix for more value-added products and increasing the share of special steels.

The SAIL plants produced more than 0.8 MT of value-added products in Q1, recording a growth of 20 per cent.

In-principle approval was given for modernisation and expansion of BSP and RSP involving an estimated outlay of over Rs 19,000 crore, SAIL Chairman said.

He said a proposal for modernisation of DSP is also receiving in-principle approval from the SAIL board today.

The plan envisages the plant's hot metal production capacity to go up to 3.5 MT, with wheel and axle production slated to increase post-modernisation DSP's share of finished steel to 100 per cent from the current level of about 40 per cent.

To secure availability of critical raw materials like coal and iron ore, progress has been made for getting necessary statutory clearances for development of the Rowghat Iron Ore Mines for Bhilai Steel Plant, Mr Roongta said.

Responding to questions he said, ''the company is ensuring full exploitation of its existing potential for a sustained growth and thrust will continue on implementation of modernisation and expansion plans.''


UNI

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