Indian state-owned steel producer Steel Authority of India Limited (SAIL) has announced its financial results for the second quarter and the first half ended on September 30 of the financial year 2012-13.
Accordingly, in the second quarter, SAIL's net profit increased by 12 percent year on year to INR 5.43 billion ($99.6 million) due to foreign exchange gains. The sales turnover of the company amounted to INR 119.75 billion ($2.2 billion), increasing from INR 119.7 billion in the corresponding quarter of the previous financial year.
In the April-September period, SAIL registered a net profit of INR 12.4 billion ($227.4 million), decreasing by 7.05 percent year on year. The company's sales turnover increased slightly to INR 238.9 billion ($4.38 billion) in the first six months of the current financial year.
SAIL also announced that it produced 1.4 million mt of crude steel in October, up two percent compared to the same month of 2011. Meanwhile, SAIL's crude steel output amounted to 7.9 million mt in the April-October period this year, up three percent year on year.