NEW DELHI, May 29 : Steel Authority of India Limited (SAIL), announced a growth of 3 per cent in its standalone net profit to Rs.1,576.98 crore during the fourth quarter ended March 31, 2012, riding on the back of a record Rs.50,000 crore turnover.
The company beat the predictions by market analysts and posted net profit instead of an expected fall of 16-20 per cent in profits. It reported a net profit of Rs.1,530.61 crore in the corresponding quarter of 2010-11. Net sales of the company was up 12.17 per cent at Rs.15,079 crore against Rs.13,339 crore, according to SAIL Chairman C. S. Verma.
For the first time in the history of the company, Verma said SAIL had achieved gross sales turnover of over Rs.50,000 crore during the last fiscal due to good performance during the January-March quarter. The company reported a standalone gross sales turnover of Rs.50,348 crore in 2011-12 up 7 per cent over the previous year’s Rs..47,041 crore.