SAIL Q2 net buoyed by forex gain, sales down

The largest domestic steel producer had reported a net profit of Rs 485.3 cr in the same quarter last year

Helped by forex gains, state-owned steelmaker Steel Authority of India Ltd (SAIL) on Thursday reported 12 per cent growth in net profit at Rs 543.11 crore for the quarter ended September 30.

The largest domestic steel producer had reported a net profit of Rs 485.3 crore in the same quarter last year.

SAIL made forex gains of Rs 41.84 crore in the July- September quarter due to volatility in dollar-rupee exchange rates, compared to forex loss of Rs 508.71 crore in the same quarter last fiscal.

Net sales of SAIL were marginally down 1.6 per cent to Rs 10,663.2 crore during the quarter vis-a-vis Rs 10,836.67 crore of the July-September quarter of FY'12, it said in a filing to the BSE.

Besides, its expenses also increased marginally to Rs 10,113.53 crore during the Q2, while it reported nearly 11 per cent decline in the tax outgo to Rs 244.76 crore.

However, its other income (mainly interest earned on cash deposits) fell by 54 per cent to Rs 225.49 crore in the July-September period.

SAIL scrip was trading at Rs 82.65 on the BSE at 1415 hrs, down 0.84 per cent from the previous close.