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Steel major SAIL has reported a slump in net profit by 39 per cent in 2012-13. It reported a net profit of Rs 2,170.35 crore as against Rs 3,542.72 crore in 2011-12.
The drop in net profit has been attributed to lower net sales realisation in the fourth quarter. This decline was around 11 per cent and had a negative impact of Rs 1,347 crore. The company's gross sales turnover was Rs 49,350 crore, almost equal to that in 2011-12.
C. S. Verma, Chairman, SAIL said: The year 2013-14 would be a landmark in SAIL's journey of nation-building, with new production capacities being added after a gap of around 15 years, when we take up our present capacity of 14 million tonnes to 19 million tonnes by the end of this fiscal.
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