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SAIL pays Rs. 673.49 crore as interim dividend to Government
New Delhi,
February
08, 2008
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Steel
Authority of India Limited (SAIL) has paid Rs. 673.49
crore as interim dividend to the Government of India for
the financial year 2007-08. The cheque for the amount was
handed over to Union Minister for Chemicals & Fertilisers
and Steel Ram Vilas Paswan by SAIL Chairman S.K. Roongta
this afternoon. Present on the occasion were Dr. J.S.
Sarna, Secretary (Fertiliser & Steel), B.S. Meena,
Additional Secretary & Financial Advisor, Ministry of
Steel, and some SAIL Board members. |
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On 29th January
2008, while taking on record the company's achievement of
highest-ever net profit (after tax) of Rs. 5,160 crore for the
first nine months of the current financial year, the SAIL
Board had announced interim dividend for the company's
shareholders at a rate of 19% of paid-up equity, amounting to
Rs 784.78 crore. This is the highest-ever interim dividend
paid by the company so far. SAIL will also pay the Government
dividend tax amounting to Rs. 133.37 crore for the interim
dividend payout.
SAIL has regularly been paying dividend to its shareholders
since 2004-05. The company has since paid Rs. 4,254 crore as
dividend, including this interim dividend, to its
shareholders. Of this, dividend payout to the Government of
India amounts to Rs. 3,651 crore, besides Rs. 632 crore paid
as dividend distribution tax. SAIL's contribution to the
national exchequer (towards excise and custom duties,
corporate tax, dividend, dividend tax, etc.) for the period
April 2004 to December 2007 stands at around Rs. 35,160 crore.
The company has been able to improve its profitability and
consequently higher interim dividend payout for the financial
year, mainly due to improvement in product-mix, substantial
increase in production of special grade steel and value-added
items, cost reduction and higher net sales realisation. During
April-December '07, SAIL recorded its best-ever production of
9.6 million tonnes of saleable steel. Around 3.7 lakh tonnes
of additional finished steel were produced during the period
from existing mills by maximising capacity utilisation,
reducing production of semis, and thereby improving the share
of finished steel to 84% from 81%. The SAIL plants operated at
an average capacity utilisation of 115% during the period.
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