New Delhi: State-run steel giant SAIL reported its highest ever net profit of Rs7,536.78 crore in fiscal 2007-08, as sales and prices increased, although companies have now frozen rates to help the government curb inflation.
The country’s biggest steel firm’s full-year net profit rose by 21.52%, while its gross sales crossed Rs45,000 crore mark in the fiscal. The company reported gross annual sales of Rs45,555.34 crore for the year 2007-08.
Besides, SAIL’s fourth quarter net profit rose nearly 25% to Rs2,376.76 crore.
With steel prices emerging as a major contributor to inflation, SAIL and other steel firms recently agreed to hold their prices for up to three months, following an intervention by the government as part of its inflation-control measures.
Rising prices of steel and related products have been fueling inflation, which has been holding above 7% mark for several weeks now.