Steel Authority of India (SAIL) Ltd.: Announcements (SAIL)

14 Feb 2012 08:37:48Source: Dion Global

India's largest steel producing company, Steel Authority of India Ltd (SAIL) said it witnessed a dip of 42.92 per cent in net profits for the third quarter ended December 31, 2011 at Rs 632.12 crore.

The company said that the growth was hit by the increase in the cost of raw materials and forex loss due to the steep depreciation in the value of the rupee against US dollar and euro during the quarter.

One among the five Maharatnas of the country's Central Public Sector Enterprises had posted a net profit of Rs 1,107.47 crore during the same period a year ago, said SAIL in its filing to the Bombay Stock Exchange on February 13, 2012.

Besides, the total income of the company also decreased by 3.8 per cent to Rs 11,112.49 crore during Q3 FY12, as compared to Rs 11,550.76 crore during Q3 FY11.

Meanwhile, shares of the company closed at Rs 110.35 a piece, down 2.43 per cent from previous close on BSE.