New Delhi: The State-run steel giant Steel Authority of India (SAIL) on Friday reported its highest-ever net profit of Rs 7,536.78 in fiscal 2007-08, as sales and prices increased, although companies have now frozen rates to help the government curb inflation.
SAIL said that its full-year net profit rose by 21.52 per cent, while its gross sales crossed Rs 45,000 crore mark in the fiscal. The company reported gross annual sales of Rs 45,555.34 crore for the year 2007-08. Besides, SAIL's fourth quarter net profit rose nearly 25 per cent to Rs 2,376.76 crore.
With steel prices emerging as a major contributor to inflation, SAIL and other steel firms recently agreed to hold their prices for up to three months, following an intervention by the government as part of its inflation-control measures. Rising prices o f steel and related products have been fueling inflation, which has been holding above seven per cent mark for several weeks now.
However, according to the latest inflation data released today for the week ended May 3, steel and iron prices fell. But, inflation advanced to its highest level in nearly four years at 7.83 per cent.