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SAIL profit lower by 7.04pc

Posted on Nov 29, 05:56PM | IBNS

Union Steel Minister Beni Prasad Verma on Thursday said that Profit After Tax (PAT) of Steel Authority of India Limited (SAIL) during April to September, 2012 at Rs. 1240 crore has been lower by 7.04pc over corresponding period last year (April-September 2011).

This was mainly due to adverse impact of input prices, particularly imported coal, salary and wages, higher interest and depreciation, reduction in interest earnings and increase in royalty on minerals, etc, he said.

In a written reply in the Rajya Sabha, Verma said SAIL has undertaken Modernization/Expansion of its Steel Plants/Units at an estimated cost of about Rs.72,000 crore.

The benefits from Modernization/Expansion would start accruing after their completion/ commissioning only, said the minister.