Steel Authority of India (Sail) today announced its net profit rose to Rs 1,123 crore in the first quarter of the current fiscal, a nominal increase from the Rs 1,112 crore it earned in the year-ago period.The steel behemoth's turnover in the first quarter soared by 11% at Rs 6,265 crore, a Sail release said.The company attributed the "marginal" rise in net profit to a higher tax outgo of Rs 578 crore againt Rs 94 crore in first quarter of the last fiscal."Till last year, the public sector steel major was under the ambit of Minimum Alternative Tax (MAT) due to the brought forward losses and unabsorbed depreciation," it said.However, it recorded a 41% growth in profit before tax at Rs 1,701 crore, the release added.
