Steel Authority of India Ltd has registered a 1.3 per cent growth in fourth quarter net profits on increase in its sales turnover.
The country’s largest steel maker reported a net profit of Rs 453 crore on revenues of Rs 14,987 crore for the quarter ended March 31, 2014. In the corresponding previous quarter, SAIL had reported a net of Rs 447 crore on revenue of 13,660 crore.
Tracking the Q4 earnings, SAIL scrip shed 2.94 per cent to end at Rs 90.90 on the BSE.
For the financial year ended March 31, 2014, the profits were up 20.6 per cent at Rs 2616 crore against previous year’s Rs 2170 crore. Turnover for the fiscal was up 5 per cent at Rs 51,866 crore against previous year’s Rs 49,350 crore.
SAIL produced 12.9 million tonnes of saleable steel in fiscal 2013-14, an increase of 4 per cent over previous year. Sales during the fiscal were up 8.6 per cent at 12.07 million tonnes, while exports were up 28 per cent.
“The thrust on development of infrastructure and industry would provide more avenues for steel consumption. This certainly augurs well for the Indian steel industry,” said C.S.Verma, Chairman and Managing Director, SAIL.