Domestic market hoists SAIL profit by 40 per cent

Steel Authority of India Ltd (SAIL) on Friday reported an over 40 per cent jump in its net profit for the fourth quarter ended March 31 at Rs 2,085 crore, as against Rs 1,485 crore in the corresponding quarter of the previous year.

Steel Authority of India Ltd (SAIL) on Friday reported an over 40 per cent jump in its net profit for the fourth quarter ended March 31 at Rs 2,085 crore, as against Rs 1,485 crore in the corresponding quarter of the previous year.

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Net sales grew 2 per cent to Rs 12,230 crore during the quarter over Rs 11,986 crore last year. The Maharatna company invested Rs 10,606 crore during the year. The company has targeted an investment of Rs 12,500 crore for 2010-11.

“The year has been very satisfactory for us given the global economic downturn. Our focus on the domestic market served us very well during the lean period,” said S K Roongta, chairman, SAIL.

SAIL’s net grew 9.5 per cent to Rs 6,754 crore in 2009-10 over Rs 6,170 crore in 2008-09.