SAIL steels limelight with 117 per cent quarterly profit rise
12 Nov 2013 12:40 AM GMT
Buoyant over the impressive figures, SAIL chairman C S Verma said: 'During the current quarter/half year, the company received an amount of Rs 1,056.26 crore towards the damages due to non-supply of full quantity of contracted hard coking coal by foreign suppliers. The amount has been considered as an 'exceptional item' by the company.'
SAIL's thrust on marketing resulted in a sales growth of 15 per cent in Q1 of FY'14 with total steel sales reaching 3.015 million tonnes (MT) as against 2.616 million tonnes in the corresponding quarter of last year. Notwithstanding the market slowdown and almost flat steel consumption in the country, the sales turnover of the company at Rs 12,802 crore was up 7 per cent in July-September quarter of FY14. The growth in sales turnover would have been higher but for the subdued market conditions which resulted in a decline of 6 per cent in the net sales realisation (NSR) in the July-Sep'13 quarter.
The company reported subdued sales, rise in expenditure as well as finance costs and decline in other income and taxes. SAIL's total income stood at Rs 11,535.51 crore, up 6.66 per cent, during the quarter vis-a-vis Rs 10,815.56 crore of the Q2 FY'13. The second quarter production in the current fiscal at 3.26 million tonnes of saleable steel was up 3 per cent over the same period last year. Production of value added steel in Q2 recorded a y-o-y growth of 4 per cent at 1.33MT.
Company's total expenditure, at Rs 11,067.42 crore, amounted to nearly 96 per cent of its total income during the quarter. In Q2 of 2012-13 fiscal, SAIL's expenditure (at Rs 10,113.63 crore) was 93.51 per cent of its total income (Rs 10,815.56 crore).
For the half yearly figures of the current fiscal, SAIL recorded Rs 1631 crore of profit after tax, which was an increase of 32 per cent against the corresponding period of last fiscal. In an effort to reduce costs, the company achieved a reduction in its average rate of borrowing which was down to 5.84 per cent in April-Sept FY14 as compared to 6.14 per cent last fiscal . During the half year, net worth of the company increased to Rs 42,657 crore as on 30 September, 2013 compared to Rs 41,025 crore as on 31 March , 2013.
'The growth trend in our sales augurs well as we are about to tap the benefits of enhanced production with the country's largest BF, slab caster and other facilities ramping up fast, at RSP. We, at SAIL, are set to supply higher quantum of steel to meet the country's growing demand for quality steel,’ Verma added.
SAIL's thrust on marketing resulted in a sales growth of 15 per cent in Q1 of FY'14 with total steel sales reaching 3.015 million tonnes (MT) as against 2.616 million tonnes in the corresponding quarter of last year. Notwithstanding the market slowdown and almost flat steel consumption in the country, the sales turnover of the company at Rs 12,802 crore was up 7 per cent in July-September quarter of FY14. The growth in sales turnover would have been higher but for the subdued market conditions which resulted in a decline of 6 per cent in the net sales realisation (NSR) in the July-Sep'13 quarter.
The company reported subdued sales, rise in expenditure as well as finance costs and decline in other income and taxes. SAIL's total income stood at Rs 11,535.51 crore, up 6.66 per cent, during the quarter vis-a-vis Rs 10,815.56 crore of the Q2 FY'13. The second quarter production in the current fiscal at 3.26 million tonnes of saleable steel was up 3 per cent over the same period last year. Production of value added steel in Q2 recorded a y-o-y growth of 4 per cent at 1.33MT.
Company's total expenditure, at Rs 11,067.42 crore, amounted to nearly 96 per cent of its total income during the quarter. In Q2 of 2012-13 fiscal, SAIL's expenditure (at Rs 10,113.63 crore) was 93.51 per cent of its total income (Rs 10,815.56 crore).
For the half yearly figures of the current fiscal, SAIL recorded Rs 1631 crore of profit after tax, which was an increase of 32 per cent against the corresponding period of last fiscal. In an effort to reduce costs, the company achieved a reduction in its average rate of borrowing which was down to 5.84 per cent in April-Sept FY14 as compared to 6.14 per cent last fiscal . During the half year, net worth of the company increased to Rs 42,657 crore as on 30 September, 2013 compared to Rs 41,025 crore as on 31 March , 2013.
'The growth trend in our sales augurs well as we are about to tap the benefits of enhanced production with the country's largest BF, slab caster and other facilities ramping up fast, at RSP. We, at SAIL, are set to supply higher quantum of steel to meet the country's growing demand for quality steel,’ Verma added.
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