Indian state-owned steel producer Steel Authority of India Limited (SAIL) has announced its financial results for the first quarter ended June 30 of the financial year 2013-14.
Accordingly, in the first quarter of FY 2012-13 SAIL's net profit decreased by 35 percent to INR 4.5 billion ($73.35 million) compared to the same quarter of the previous financial year. The company's gross sales revenues amounted to INR 113.6 billion ($1.85 billion), decreasing by 4.6 percent year on year, even though the sales volume improved by five percent to 2.62 million mt compared to the first quarter of the previous year.
SAIL stated that value added steel output in the given quarter reached the best-ever first quarter mark, standing at 1.29 million mt, increasing by four percent year on year. Energy consumption at SAIL plants decreased by two percent, while the company's blast furnace productivity increased by one percent, both year on year.
SAIL chairman Mr. C.S.Verma said the much-awaited capacity addition in SAIL has taken concrete shape with the commencement of pig iron production from India's largest operational blast furnace at the Rourkela steel plant.