SAIL net up 28% at Rs 1,443 crore

SAIL today said its net profit for the second quarter ended September 30 grew 28 per cent, y-o-y, to touch Rs 1,443 crore.

The performance of the quarter helped the company achieve its highest-ever first half net profit of Rs 2,829 cr, registering a growth 26 per cent over the comparable figure of last year. The public sector steelmaker's revenues rose 17 per cent y-o-y at Rs 9,586 crore. The revenues for the first half grew 22 per cent to Rs 17,998 crore.

SAIL Chairman S K Roongta said, "The company has maintained sustained growth and profitability. While implementing our growth plans for the future, special thrust will be laid on utilising current potential of our human resources and other assets to the fullest extent."

SAIL's borrowings were reduced to Rs 3,882 crore levels at the end of the second quarter against Rs 4,000 crore last year. With this SAIL's debt-equity ratio further improved to 0.25:1.

The SAIL board has also accorded in-principle approval for five new projects involving a total investment of Rs 700 crore.

During the first six months of 2006-07, the company achieved the highest-ever salable steel production of 6.01 million tonne, a growth of 6 per cent.