State-run steel maker SAIL on Thursday said its consolidated net profit jumped manifold to Rs 616.30 crore during the quarter ended on December 31, 2018, helped by lower stocks level and higher income.
The company had posted a net profit of Rs 43.16 crore during the same quarter a year ago, Steel Authority of India Ltd (SAIL) said in a BSE filing.
Total income of the company rose to Rs 15,910.46 crore during the quarter under review from Rs 15,443.13 crore in the December quarter of 2017. Total expenses fell to Rs 14,937.43 crore in October-December 2018 from Rs 15,317.51 crore in the corresponding quarter of the previous financial year. SAIL is the largest steel-making company in India.
During the third quarter of 2018-19, SAIL recorded its best ever quarterly crude steel production at 4.3 Million Tonnes (MT), registering a growth of l0 per cent over 3.9 MT in December quarter of 2017-18.
The company also recorded its best-ever quarterly saleable steel production at 3.8 MT in the quarter under review, a 5 per cent over the year-ago quarter.
SAIL Chairman Anil Kumar Chaudhary in a statement said, "The potential of steel consumption in the domestic market is huge. We are focussed on meeting requirements of all sectors while enhancing our volumes. Higher production of value added steel is another focus area and we are committed to providing end-to-end customer services."
Pointing at the current volatility in steel prices he said that despite various factors including cheap imports, the prices are expected to improve in coming days considering the high input costs.
The company produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India.