SAIL's Q4 net profit zooms 72 pc year-on-year - Hindustan Times
close_game
close_game

SAIL's Q4 net profit zooms 72 pc year-on-year

Hindustan Times | By, New Delhi
May 21, 2007 07:15 PM IST

SAIL registers a 72 per cent jump in net profit to Rs 1,902 crore in the fourth quarter, compared with Rs 1,103 crore in the corresponding period of previous year, reports Arun Kumar.

Bolstered by strong demand, the state-controlled Steel Authority of India Ltd (SAIL) has registered a 72 per cent jump in net profit to Rs 1,902 crore in the fourth quarter ended March 2007, compared with Rs 1,103 crore in the corresponding period of previous year.

HT Image
HT Image

The company’s revenues increased by 14 per cent to Rs 11,534 crorein the quarter from Rs 10,102 crore in the year-ago period. After adjusting for excise duty, the company’s revenues reported a growth of 17 per cent to Rs 9,984 crore from Rs 8,774 crore in the same period of the last year, SAIL said on Monday.

Hindustan Times - your fastest source for breaking news! Read now.

In the full year 2006-07, the company recorded a 55 per cent increase in net profit at Rs 6,202 crore and declared a 31 per cent dividend. During the period, the company achieved a record annual turnover of Rs 39,189 crore, an increase of 21 per cent over Rs 32,280 crore in the previous financial year. Profit-before-tax increased by 65 per cent to Rs 9,423 crore.

SAIL's shares rose 4.25 per cent to Rs 144.85 per share after the results. The stock has risen 66 per cent since January this year on the back of strong demand for steel.

Modernization and expansion schemes totalling Rs 23,500 crore were cleared by the board during the year, Chairman SK Roongta said.

The total value of projects already taken up for ordering or implementation has gone up to Rs 38,000 crore. In addition, the company also decided to expand the capacity of the power plant at its Bokaro Steel Plant by 500 MW in a joint venture with the Damodar Valley Corporation (DVC), the chairman said.

Apart from strong demand for steel, a market-driven product-mix, higher value-added special steel production and improved techno-economic parameters helped SAIL in 2006-07, Roongta said.

However, he cautioned there was not much room for a rise in steel prices. "Steel prices are at a firmed up level, I don’t see much scope for a further increase," he said.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Arun Kumar is Senior Assistant Editor with Hindustan Times. He has spent two-and-half decades covering Bihar, including politics, educational and social issues.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On