SAIL registers 11% growth in May sales

SAIL registers 11% growth in May salesNew Delhi: State-run steel maker SAIL registered a growth rate of 11 percent in sales at 1.06 million tonnes (MT) in May this year.

The steel giant had registered sales at 0.96 MT in the same month last year.

"Rise in exports was to the tune of 76 percent on a y-o-y basis during the month. Production at SAIL plants kept pace with hot metal production of 1.26 MT achieved in May, registering a y-o-y growth of 4 percent," SAIL said in a statement.

Optimistic about the ensuing period in current financial year, SAIL Chairman C S Verma said, "We foresee the present thrust on infrastructure growth translate into higher demand of steel in the country. This certainly augurs very well for the industry, and SAIL is geared to meet this resurgent demand."

SAIL had registered a marginal 1.35 percent increase in net profit to Rs 452.58 crore in the January-March quarter and a 20.6 percent growth in net profit to Rs 2,616 crore in FY14.

The company produced 12.9 million tonnes of saleable steel in FY14, an increase of 4 percent over the previous financial year.

Shares of the company closed at Rs 92.25 on the BSE, up 5.43 percent from previous close. -- PTI