Magazine : 
SAIL Q4 Net up 3 Percent to 
1,577 crore
New Delhi: Beating market expectations, state-owned SAIL reported a growth of 3 percent in its standalone net profit to 
1,576.98 crore for the quarter ended March 31, 2012, largely due to higher saleable steel volumes.
Analysts were expecting a fall of 16 to 30 percent in Steel Authority of India's (SAIL) standalone net profit due to increase in input costs.
The largest domestic steelmaker had reported a net profit of 1,530.61 crore in the corresponding quarter of 2010-11.
Net sales of the company was up 12.17 percent to 15,079 crore during the reported quarter as compared to 13,339 crore of during the same period last fiscal, it said in a filing to the BSE.
Total expenditure of largest domestic steel maker was up 19.86 percent to 12,209.79 crore during the January-March quarter. Raw material costs alone accounted for over 51 per cent of the expenditure at 6,231.94 crore during the quarter, it said.
In a separate statement, the company said that for the first time in its history, it achieved gross sales turnover of over 50,000 crore during the last fiscal due to good performance during the January-March quarter.
The company reported a standalone gross sales turnover of 50,348 crore in FY12, up 7 percent over the previous year's 47,041 crore.
"It is a matter of great pride that SAIL's turnover crossed the 50,000-crore mark during a year in which the global economy faced many challenges. With 2012 having begun on a very positive note for us, and our strategic initiatives in several areas taking firm shape, our outlook is bright," SAIL Chairman C S Verma was quoted in the statement.
However, net profit of the company was down 27.8 per cent to 3,542.72 crore in the last fiscal, FY12, largely due to increase in input costs, amounting to over 4,000 crore, SAIL said.
"The effect of input price increase, amounting to over 4,000 crore, mainly of imported coking coal with average prices rising to $288 per tonne in FY12 from $213 per tonne of the previous year, was compounded by the volatility in dollar-rupee valuations, carrying an adverse impact of around Rs 900 crore," it said.
On a consolidated basis, SAIL's net profit was down over 28 percent to 3,545.18 crore in FY12, while net sales was 45,684.77 crore, up 6.87 percent.
According to the SAIL Chairman, company's focus in the current financial year would be on completing its ongoing modernisation and expansion plan. As per this, the company is aiming to have hot metal capacity of 19 million tonnes (MT) during the current fiscal from its present capacity of 14 MT.
Shares of the company were being quoted at 93.50 apiece on the BSE in the late afternoon trade, up 0.11 percent from the previous close.
Source: PTI
1,576.98 crore for the quarter ended March 31, 2012, largely due to higher saleable steel volumes.
Analysts were expecting a fall of 16 to 30 percent in Steel Authority of India's (SAIL) standalone net profit due to increase in input costs.
The largest domestic steelmaker had reported a net profit of 1,530.61 crore in the corresponding quarter of 2010-11.
Net sales of the company was up 12.17 percent to 15,079 crore during the reported quarter as compared to 13,339 crore of during the same period last fiscal, it said in a filing to the BSE.
Total expenditure of largest domestic steel maker was up 19.86 percent to 12,209.79 crore during the January-March quarter. Raw material costs alone accounted for over 51 per cent of the expenditure at 6,231.94 crore during the quarter, it said.
In a separate statement, the company said that for the first time in its history, it achieved gross sales turnover of over 50,000 crore during the last fiscal due to good performance during the January-March quarter.
The company reported a standalone gross sales turnover of 50,348 crore in FY12, up 7 percent over the previous year's 47,041 crore.
"It is a matter of great pride that SAIL's turnover crossed the 50,000-crore mark during a year in which the global economy faced many challenges. With 2012 having begun on a very positive note for us, and our strategic initiatives in several areas taking firm shape, our outlook is bright," SAIL Chairman C S Verma was quoted in the statement.
However, net profit of the company was down 27.8 per cent to 3,542.72 crore in the last fiscal, FY12, largely due to increase in input costs, amounting to over 4,000 crore, SAIL said.
"The effect of input price increase, amounting to over 4,000 crore, mainly of imported coking coal with average prices rising to $288 per tonne in FY12 from $213 per tonne of the previous year, was compounded by the volatility in dollar-rupee valuations, carrying an adverse impact of around Rs 900 crore," it said.
On a consolidated basis, SAIL's net profit was down over 28 percent to 3,545.18 crore in FY12, while net sales was 45,684.77 crore, up 6.87 percent.
According to the SAIL Chairman, company's focus in the current financial year would be on completing its ongoing modernisation and expansion plan. As per this, the company is aiming to have hot metal capacity of 19 million tonnes (MT) during the current fiscal from its present capacity of 14 MT.
Shares of the company were being quoted at 93.50 apiece on the BSE in the late afternoon trade, up 0.11 percent from the previous close.
