SAIL Q2 net up 18% at Rs 1,700 cr

The public sector Steel Authority of India Limited (SAIL) has registered a 17.85 per cent increase in net profit at Rs 1,700.24 crore for the second quarter ended September 30, 2007, mainly on higher price realisation. The company had a profit of Rs 1,442.81 crore in the corresponding quarter a year ago.

The shares of the country's largest state-owned steelmaker declined sightly from a record.

SAIL's revenues totalled Rs 10,371.63 crore in the quarter, up 8.2 per cent from Rs 9,585.93 crore in the previous corresponding period.

"About 40 per cent of the profit increase came from higher price realisation, while the rest came from higher production of value-added products, reduction in coke prices and better financial management," said SAIL Chairman S K Roongta.

SAIL shares declined 5.6 per cent (or Rs 15.50) to close at Rs 261.05 on the BSE on Tuesday.