Public sector undertaking Steel Authority of India, the country’s largest steel producer, has registered an 18 per cent growth in its net profit for the quarter ended September 30 even though steel prices remained under pressure. The steel major has reported a net profit of Rs 2,009.6 crore for the quarter, said a company release. Turnover for the quarter was Rs 13,544 crore, up over 30 per cent from the corresponding quarter last year. Unlike most private steel companies, Sail has secure supplies of critical inputs like iron ore and coal from the leased mines.
Despite being impacted by the escalation in cost of inputs such as imported/indigenous coking coal and ferro-alloys, Sail improved its financial performance through improved production of value-added steel items, better product-mix, achievement of improved techno-economic parameters, lower interest cost and higher interest earnings, the company said.
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