SAIL

The company had an exceptional gain of Rs.1056 crore, which was on account of damages due to non-supply of full quantity of contracted hard coking coal by foreign suppliers. And thanks only to this item, the company ended the quarter with a net profit at Rs.1180 crore, up 117% (QoQ). If this gain had not been there, net profit would actually have come in at Rs.124 crore, which is down 77%.  There was also a forex loss of Rs.68 crore.

Net sales for the quarter came in at Rs.11410 crore, up 7% (YoY) and up 13% (QoQ). Operating costs ate away 96% of total income as against 93% in Q2FY13. There was also MAT credit of Rs.288, which helped bring down the tax outgo. For H1Fy14, the company had a net profit at Rs.1831 crore, up 50% (YoY) and it had ended FY13 with net profit at Rs.2170 crore.  Reserves stood at Rs.36,894 crore. Cash and cash balances as at 30^th Sept 2013 was at Rs.3960 crore.