Net profit for the quarter was Rs 1,835 crore as against Rs 1,525 crore last year while net sales rose over 37 per cent to Rs 11,029 crore.
The company's share price at the Bombay Stock Exchange today closed at Rs 125.65, up 2.36 per cent from the previous day.
The healthy performance during the quarter despite a burden of Rs 1,434 crore on account of higher cost of inputs like coal, freight, ferro-alloys, fuels, etc, and provision for higher wage revision was mainly due to 10 per cent growth in domestic sales over last year, including highest-ever Q1 sales of special quality steels, said a company release.
Apart from the rising input costs, the company has maintained steel prices for the May-June period of the quarter to help the government in fighting inflation.
"Our strategy of thrust on production of value-added and special quality steels, higher production with still better capacity utilisation and continual improvement in operational efficiencies has helped the company to offset cost pressures and improve profitability, in spite of holding the price line," said S K Roongta, chairman.
