SAIL FY14 profit up 21%

For FY14, the standalone net increased over 20%

State-run Steel Authority of India (SAIL), the country’s largest producer of the product, has reported growth of only 1.35 per cent in standalone net profit, to Rs 453 crore, for the fourth quarter ended March. Total income rose to Rs 13,509 crore from Rs 12,284.7 crore in the year-ago period and expenses by 10 per cent to Rs 12,805 crore from Rs 11,601 crore. Other income fell 31 per cent over a year to Rs 175 crore, while finance costs increased 45 per cent to Rs 312 crore.

For 2013-14, standalone net profit rose 21 per cent to Rs 2,616 crore from Rs 2,170 crore in 2012-13. Gross turnover was up five per cent to Rs 51,866 crore for 2013-14 from Rs 49,350 crore in FY13.     The company produced four per cent over a year at 12.9 million tonnes in FY14 and exports grew 28 per cent.

During the quarter, production was 3.13 mt, up four per cent. About 5.4 mt of special quality steel in 2013-14 was produced against 5.09 mt in 2012-13.

SAIL spent Rs 53,270 crore on modernisation and expansion till March.