SAIL Q2 net dips 54% to Rs 495 cr

Steel maker SAIL reported a 54.5% decline in net profit at Rs 495 crore for the quarter ended September 2011. It was Rs 1,090 crore in the same period a year ago.

However, total income rose 3% to Rs 11,467 crore as against Rs 11,123 crore in September 2010.

Part of the decline may be attributed to the forex loss of Rs 509 crore accrued during the quarter as against a forex gain of Rs 152 crore in year ago period.

Post-announcement of results SAIL's stock was trading at Rs 109, down 2.7%, on Bombay Stock Exchange.