Date:22/10/2008 URL: http://www.thehindu.com/2008/10/22/stories/2008102256151700.htm

Business

SAIL net profit rises 18 % to Rs. 2,009 crore

Special Correspondent

NEW DELHI: Steel Authority of India Limited (SAIL) has achieved a net profit of Rs. 2,009.60 crore in July-September 2008-09, an increase of 18.2 per cent over the same period in the previous fiscal.

According to the unaudited financial results taken on record by the SAIL board here on Tuesday, the highest-ever second quarter profit helped the steel major to achieve its highest-ever first-half (H1) net profit of Rs. 3,844.80 crore, working out to a growth of 19.2 per cent over the previous year period.

During the second quarter this fiscal, SAIL also posted the highest-ever turnover at Rs. 13,544.24 crore with a robust growth of 30.6 per cent over the same quarter in the previous year. As a consequence, the first-half turnover went up by 33.5 per cent to Rs. 25,727.70 crore.

According to a company statement, the improved performance was despite an impact of about Rs. 2,362 crore in April-September this fiscal on account of escalation in the cost of inputs.