SAIL net profit grows

SAIL net profit grows

Indian steel major Steel Authority of India (SAIL) posted a record high net profit of Rupees 1'498 crore on a turnover of Rupees 16'934 crore in the first nine months of the current fiscal year 2003-04. The impact of rising steel prices and the internal economy helped to enhance the profitability of the giant steel producer, according to analysts. SAIL reported a loss of Rupees 546 crore on a turnover of Rupees 13'097 crore in the first nine months of the corresponding period of previous year. For the October-December 2003 quarter, SAIL's net profit stood at Rupees 738 crore against a loss of Rupees 79 crore in the third quarter of the previous fiscal. The turnover in the third quarter of the current fiscal stood at Rupees 6'522 crore, an increase of 33% over the Rupees 4'908 crore registered in the corresponding period last year. The accumulated losses have now been reduced to about Rupees 1'200 crore at the end of December 2003 as expressed by the SAIL Chairman, V.S. Jain. The target of the company is to wipe out the entire accumulated losses by the next financial year. The company plans to improve its asset utilization and start debottlenecking with marginal investments, according to company officials.