By IANS
Kolkata : Strong demand for steel, market-driven product mix, higher value-added special steel production and improved techno-economic parameters helped state-run Steel Authority of India Ltd (SAIL) to achieve a record turnover of Rs.115.34 billion during the fourth quarter of fiscal 2006-07.
The turnover shows an increase of 14 percent over the corresponding period of the previous year (CPPY). During the quarter, the company achieved a profit before tax (PBT) of Rs.29.25 billion (Rs.2,925 crore) – 133 percent higher than CPPY, a SAIL release said Monday.
The profit after tax (PAT) was Rs.19.02 billion, up by 72 percent.
With this the company achieved an all-time high annual turnover of Rs.391.89 billion and highest-ever PBT of Rs.94.23 billion during 2006-07.
The company's audited financial results for the fiscal, taken on record by the SAIL board of directors here Monday, showed an annual net profit of Rs.62.02 billion, an increase of 55 percent.
SAIL also achieved the distinction of becoming the first company in the metals sector to cross a market capitalisation of Rs.500 billion.
The SAIL board has recommended a dividend of 31 percent on the paid-up equity amounting to over Rs.12.80 billion, including the 16 percent interim dividend paid in March 2007.
The company recorded highest-ever saleable steel production of 3.25 million tonnes (MT) during January-March 2007, taking its annual production to a new peak of 12.6 MT during the fiscal.