SAIL Q2 net up 12% to Rs 543 crore

SAIL Q2 net up 12% to Rs 543 crore

State-owned Steel Authority of India Ltd reported nearly 12 per cent growth in net profit at Rs 543 crore for the quarter ended September 30, 2012. SAIL, India's largest domestic steel producer had reported net profit of Rs 485.28 crore in the same quarter last fiscal.

The steelmaker's bottom line was aided by Rs 42 crore in forex gains in the July-September quarter as compared to a forex loss of Rs 509 crore in the same quarter last fiscal.

Net sales were marginally down by 1.60 per cent to Rs 10,663 crore during the quarter vis-a-vis Rs 10,837 crore of the July-September quarter of 2011-12.

SAIL said expenses increased marginally to Rs 10,113.5 crore during Q2. It reported nearly 11 per cent decline in the tax outgo to Rs 245 crore.

Other income (mainly interest earned on cash deposits) fell by 54 per cent to Rs 225 crore in the July-September period.

Shares in the company closed 1.2 per cent lower at Rs 82.35 on the BSE.