SAIL Q3 profit up 10 per cent at Rs 533 crore

State-owned steel maker SAIL has reported a 10 per cent rise in profit after tax at Rs 533 crore for the quarter ended December 31, on account of sales growth despite a "flat market".

It had reported profit of Rs 484 crore for the October-December quarter of 2012-13.

The company said is a statement that "despite a subdued demand environment in the economy, in third quarter of 2013-14, (its) total turnover was at Rs 12,716 crore, up 8 per cent". SAIL had a total turnover of Rs 11,801 crore in Q3 of the last financial year.

Total sales of steel products rose by 7 per cent at 2.94 million tonnes (MT), the company said, adding that its plants continued to perform robustly.

The company achieved its highest ever production of value added steel at 1.35 MT in the last quarter. Production of hot metal, crude steel and saleable steel grew by 4 per cent each during the quarter, at 3.72 MT, 3.48 MT and 3.17 MT respectively.

"The increase in sales turnover achieved by SAIL, despite a flat steel market, is an indication that the company is well-placed to meet any market situation," the company's Chairman CS Verma said. "Going forward, we are confident that the product and process improvement currently underway in SAIL as a result of modernisation will bring in greater returns on our investment," he said.

SAIL scrip gained 1.74 per cent to close at Rs 61.45 on the Bombay Stock Exchange.