Monday, November 11, 2013

SAIL Q2 net zooms 117% to Rs 1,180 crore

NEW DELHI: A Rs 1,056 crore exceptional gain and cheaper coal fuelled SAIL\'s net profit to more than double (117%) at Rs 1,180 crore in the July-September quarter, although realization fell by 6.5% on subdued prices.

\"One of the reasons of increase in our profit was lesser prices of coal. The price of the imported coal which was $220 per tonne during the second quarter has come down to $135 per tonne. So, there was a savings of Rs 885 crore to the company on this account,\" SAIL chairman C S Verma told reporters here.

SAIL, which clocked Rs 543 crore net profit during the same quarter of 2012-13 , largely met its 15-16 million tonne (MT) coking coal requirements through imports, mostly from the US and Australia. During Q2, 2013-14 , it got \"exceptional\" amount of Rs 1,056 crore from global mining major Vale towards damages due to non-supply of full quantity of contracted hard coking coal, leading to a big boost in the bottom-line .
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