Home >Companies >Company-results >SAIL’s net profit up 117% in Sep quarter on one-time gain
The one-time gain from a `1,010.58 crore court settlement from Brazilian miner Vale, and lower coking coal prices helped boost profit. Photo: Pradeep Gaur/Mint
The one-time gain from a `1,010.58 crore court settlement from Brazilian miner Vale, and lower coking coal prices helped boost profit. Photo: Pradeep Gaur/Mint

SAIL’s net profit up 117% in Sep quarter on one-time gain

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%.

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