SAIL Q4 net up 24.97% to Rs 2,376.76 cr

New Delhi, May 16 (UNI) Steel Authority of India Ltd (SAIL) today said its net profit for the fourth quarter ended March 2008 increased 24.97 per cent to Rs 2,376.76 crore as compared to Rs 1,901.88 crore for the corresponding period last year.

The company said its total income for Q4FY08 grew 33.37 per cent to Rs 14,168.50 crore as against Rs 10,623.83 crore in the same period a year ago.

SAIL's profit after tax for the year ended March 2008 rose 21.52 per cent to Rs 7,536.78 crore whereas it was Rs 6,202.29 crore last fiscal.

Its FY08 total income jumped 16.63 per cent to Rs 41,830.29 crore from Rs 35,865.38 crore last fiscal.

''These financial results were achieved due to high production and productivity, higher value-added and special steel production, several initiatives towards cost reduction, along with strong demand for steel,'' company Chairman S K Roogta told reporters at the announcement of company's financial results here.

The steel major produced 3.5 million tonnes during the fourth quarter of FY08, taking annual production to 13 million tonnes in the fiscal with capacity utilisation of 118 per cent, he said.

The company paid Rs 673 crore as interim dividend to the central government for FY07-08.

''This is the highest interim dividend paid by the company so far. The company will also pay the government dividend tax amounting to Rs 133 crore for the interim dividend payout,'' he said.

UNI MP PDT BD2015