Indian state-owned steel producer Steel Authority of India Limited (SAIL) has announced its financial results for the second quarter and the first half ended September 30 of the financial year 2013-14.
Accordingly, in the second quarter of FY 2013-14 SAIL's net profit increased by 117.3 percent to INR 11.8 billion ($185.7 million) compared to the same quarter of the previous financial year. The company's gross sales revenues amounted to INR 128 billion ($2 billion), rising by 6.9 percent year on year, with the sales volume improving by 15 percent to 3 million mt compared to the second quarter of the previous year.
During the first half, SAIL's net profit amounted to INR 16.3 billion ($256.4 million), up 31.6 year on year. The company's gross sales revenues in the given period increased by 1.2 percent year on year to 241.6 billion ($3.8 billion), with a sales volume of 5.6 million mt, up 9.8 percent year on year.
SAIL stated that in the second quarter it produced 3.26 million mt of finished steel, up three percent, with the value-added steel output amounting to 1.33 million mt, rising four percent, both year on year. During the first six months, the finished steel output of the company increased by 4.8 percent year on year to 6.5 million mt, while the value-added steel output was 2.6 million mt, four percent higher compared to the same period of the previous financial year.
