New Delhi, Aug 06 : The unaudited financial results of Maharatna Steel Authority of India Limited (SAIL) for the quarter Q1FY13, taken on record by its Board of Directors here today, showed the company’s turnover for April-June (Q1) of FY ’13 at Rs. 11912 crore, higher than Rs. 11907 crore in corresponding period last year (CPLY).
However, Profit before tax (PBT) at Rs. 1010 crore was lower compared to Rs. 1240 crore in CPLY, mainly due to higher input costs and foreign exchange fluctuations, which saw the Rupee weakening by a steep 21 per cent in Q1FY13 compared to CPLY. Consequently, the company reported a PAT of Rs. 696 crore, as against Rs. 848 crore in CPLY.
The impact of higher input costs was, however, partially neutralised by higher Net Sales Realizations in Q1FY13 , which grew by 8.5 per cent compared to the corresponding period last year (CPLY) .
This was helped by internal measures taken by the company which yielded a richer product mix in Q-1 of FY13 with production of value-added steel growing by 8 % over the CPLY. Besides, improvement in techno-economic parameters further boosted the performance. Coke rate, energy consumption and Blast Furnace productivity were 2%, 2 % and 1 % better as compared to CPLY.
On the occasion of the quarterly result announcement, Chairman SAIL C.S. Verma stated, “We are optimistic about the domestic market which has the potential to strengthen as infra-related activities pick up. Our focus on bringing in new capacities will ensure that we are well positioned to leverage the market.”