New Delhi : State-owned steel maker SAIL reported 26 per cent fall in net profit to Rs 334 crore for the fourth quarter ended March 31, 2014-15. The country’s largest steel producer had posted net profit of Rs 453 crore in the January-March quarter of the 2013-14 fiscal.
SAIL said in a BSE filing that its total income declined 13 per cent to Rs 11,684 crore in the January-March quarter of the last fiscal, from Rs 13,684 crore in the year-ago period, it added. On the fall in net profit, SAIL Chairman and Managing Director C S Verma told PTI: “If you look at results SAIL’s performance in the fourth quarter has been market leading. The profits declined due to a gain of Rs 1,056 crore in 2013-14 fiscal that the firm got by winning a commercial dispute.”
In 2013-14, the firm’s profit included receipt of Rs 1,056 crore from miner Vale, Australia on account of a favourable arbitration /court award in a commercial dispute. SAIL’s profit and sales margins are best compared to the results for the last quarter, Verma said.
“At a time when market conditions have been challenging, we maintained our output and braved headwinds such as cheap imports among others to give a market leading performance,” Verma said. SAIL’s crude steel production grew by 10 per cent to 3.72 million tonnes (MT) in the fourth quarter of last fiscal from 3.37 MT in the same quarter of 2013-14, Verma said.
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