New Delhi: Higher volume and cost reduction helped state-run steel giant SAIL register a record third quarter profit of Rs 1,935 crore, against Rs 1,471 crore in the corresponding period last year, a 32 per cent increase.

The sales turnover during the quarter rose by 11.4 per cent to Rs 10,756 crore. The company netted its highest revenue for the first nine-month at Rs 30,026 crore.

"Riding on the back of improved product mix coupled with substantial increase in production of special grade steel and cost reduction, SAIL has achieved this profitability," its chairman S K Roongta said here.

Profit after tax shot up by 20 per cent to Rs 5,160 crore during April-December period. Profit before tax was Rs 2,922 crore, highest in any third quarter, Roongta said, pointing out that this was 31 per cent higher than the same period last year.

SAIL achieved a record hot metal production of 11.3 million tons, 10.4 MT of crude steel and 9.6 MT of saleable steel during the first nine months of the current fiscal. Its plants operated at 121 per cent average capacity utilisation in the third quarter, against 112 per cent achieved in the same period last year, the SAIL Chairman said.

The steel giant further reduced its borrowings by Rs 412 crore in the third quarter to Rs 2,792 crore. With this, the PSU's debt equity ratio came down to the lowest level of 0.13:1 at the end of the third quarter, he said.

Source : PTI