Indian state-owned steel producer Steel Authority of
India Limited (
SAIL) has announced its financial results for the first quarter ended June 30 of the financial year 2014-15.
Accordingly,
SAIL's net profit increased by 18 percent to INR 5.3 billion ($86.4 million) compared to the same quarter of the previous financial year. The company's gross sales revenue amounted to INR 125.1 billion ($2.04 billion), up 10 percent year on year.
SAIL said that it has already put into operation units worth INR 220 billion ($3.6 billion) of investments and the modernization is reaching its completion at the right time which will enable the company to reap the benefit of rising steel demand, supported by the government's continued thrust on development.
During the current financial year, significant progress has been made in the modernization and expansion projects at Rourkela Steel Plant (RSP). With commencement of production at RSP's new 4.3 meter wide plate mill and the third 150 mt BOF converter, integrated operations in the modernized units of RSP has commenced.