Indian state-owned steel producer Steel Authority of India Limited (SAIL) has announced its financial results for the financial year 2013-14 ended March 31.
Accordingly, SAIL's net profit increased by 20.36 percent to INR 26.16 billion ($444.4 million) compared to the same quarter of the previous financial year. The company's gross sales revenues amounted to INR 518.6 billion ($8.8 billion), up five percent year on year, with the sales volume rising by 8.6 percent to 12.07 million mt compared to the previous financial year.
SAIL said that the continued emphasis on value added steel production resulted in growth of six percent in output volume, with 5.4 million mt of special quality steel produced in the financial year 2013-14. The company's finished steel output amounted to 12.9 million mt, increasing by four percent year on year.
SAIL continued to proceed with its modernization and expansion program with cumulative expenditures of INR 532.7 billion ($9.05 billion) being made up to March this year.