Steel Authority of India Ltd today reported a marginal 1.35 per cent increase in standalone net profit to Rs 452.58 crore in the quarter ended March 31, as expenses climbed.
The state-owned company had posted a profit of Rs 446.53 crore in the January-March quarter of 2012-13.
Total expenses rose 10.37 per cent to Rs 12,804.67 crore from Rs 11,600.58 crore in the corresponding quarter of 2012-13, it said in a filing to the BSE.
Total income climbed to Rs 13,509.21 crore from Rs 12,284.74 crore a year earlier.
The steel giant registered an increase of 20.6 per cent in net profit to Rs 2,616 crore in FY14, up from Rs 2,170 crore in FY13, on a standalone basis.
SAIL's gross turnover at Rs 51,866 crore in FY14 increased over 5 per cent, up from Rs 49,350 crore in FY13.
"The thrust on development of infrastructure and industry would provide more avenues for steel consumption. This certainly augurs well for the Indian steel industry," Chairman C S Verma said.
"SAIL's focus in the current fiscal would be to complete the balance facilities under our modernisation and expansion programme and ramp up production from the new units in the shortest possible time," he said.
The company produced 12.9 million tonnes of saleable steel in FY14, an increase of 4 per cent over the previous financial year.
"The corresponding rise in total sales was 8.6 per cent, at 12.07 million tonnes. Growth in domestic sales was in conjunction with growth in exports of 28 per cent in FY14," the statement said.
Continued emphasis on value-added steel production resulted in output of 5.4 million tonnes of special quality steel in FY14 as against 5.09 million tonnes in FY13.
During the fourth quarter, production of saleable steel was 3.13 million tonnes, up 4 per cent.
The company said it had cumulatively spent Rs 53,270 crore on the modernisation and expansion programme until March 2014.
SAIL is implementing a Rs 72,000 crore expansion programme to raise hot metal capacity by 70 per cent to 23.5 million tonnes per annum.
During FY14, projects worth about Rs 6,500 crore were operationalised, resulting in the addition of 2.5 million tonnes a year of hot metal capacity.
SAIL shares declined 2.94 per cent to Rs 90.90 at the close on the BSE.
