SAIL Q2 profit up 117 percent

Steel-Authority-of-IndiaNew Delhi, Nov 11 : Steel Authority of India (SAIL), Monday reported a 117 percent rise in net profit to Rs. 1,180.39 crore (Rs. 11.8 billion) for the quarter ended September 30, due primarily to an exceptional gain of Rs. 1,056 crore for damages from foreign suppliers of coking coal.

The state-run steel maker had reported net profit of Rs. 543.11 crore (Rs. 5.43 billion) in the corresponding quarter of the previous fiscal 2012-13.

“During the current quarter/half year, the company received Rs 1,056.26 crore towards damages due to non-supply of full quantity of contracted hard coking coal by foreign suppliers. The amount has been considered as an ‘exceptional item’ by the company,” SAIL said in a regulatory filing.

Total income for the quarter increased 6.66 percent to Rs. 115.35 billion from Rs. 108.15 billion for the quarter ended Sep 30, 2012.

SAIL stock closed at Rs. 64.85, 1.82 percent, or 1.2 points, lower than its previous close on the Bombay Stock Exchange. (IANS)