SAIL’s net profit up 117% in Sep quarter on one-time gain1 min read . Updated: 11 Nov 2013, 04:59 PM IST
Net profit rises to `1,180.39 crore from `543.11 crore in the year-ago period
Mumbai:Steel Authority of India Ltd (SAIL) on Monday said fiscal second-quarter profit more than doubled, boosted by a one-time gain and lower prices of coking coal.
Net profit rose to ₹ 1,180.39 crore in the three months ended 30 September from ₹ 543.11 crore in the year-ago period.
Revenue rose 6.66% to ₹ 11,535.51 crore from a year ago. The one-time gain was from a $159.75 million ( ₹ 1,010.58 crore) court settlement from Brazilian miner Vale SA.
State-run SAIL is India’s second largest steel maker by capacity at 16.62 million tonnes after Tata Steel Ltd and is currently working on a capacity expansion plan in keeping with the view that India’s low per capita steel consumption and big need for infrastructure development will spur demand for the alloy.
SAIL’s shares fell 1.82% to ₹ 64.85 on BSE on Monday.The S&P BSE Metal index fell 1.24%.