Indian state-owned steel producer Steel Authority of
India Limited (
SAIL) has announced its financial results for the first quarter of the financial year 2012-13.
Accordingly, in the first quarter,
SAIL's net profit decreased by 18 percent year on year to INR 6.96 billion ($125.35 million) mainly due to higher input costs and foreign exchange fluctuations. The sales turnover of the company slightly increased to INR 119.12 billion ($2.14 billion) from INR 119.07 billion in the corresponding quarter of the previous financial year.
According to
SAIL's statement, the company is moving ahead with its modernization and expansion plan. Some of the projects completed in the first quarter were the sinter plant at
SAIL's Rourkela steel plant, a new ladle furnace No.2 at Alloy Steels Plant in Durgapur, the new Coke Oven Battery No. 11 in the coal handling plant at the IISCO Steel Plant at Burnpur.