Indian state-owned steel producer Steel Authority of India Limited (SAIL) has announced its financial results for the third quarter and the first nine months ended December 31, 2012 of the Indian fiscal year 2012-13.
Accordingly, in the third quarter of FY 2012-13 total sales registered by SAIL were up 5.1 percent year on year. In the given quarter, SAIL's net profit decreased by 22.3 percent year on year to INR 4.8 billion ($90 million) due to the increase in raw material prices and foreign exchange loss. The sales turnover of the company increased by one percent to INR 118 billion ($2.2 billion) compared to the corresponding period of the previous financial year.
In the first nine months of FY 2012-13, the sales turnover amounted to INR 357 billion ($7.22 billion), up just 0.4 percent year on year.
SAIL chairman C.S. Verma stated, "2013 is a crucial year for SAIL, with new capacities coming up in its plants. With strong signals of growing investment in infrastructure, SAIL is well positioned to benefit from the growth phase of the economy and steel industry in the near future."