SPONGE IRON INDIA LTD. Q-1 NET UP 370 PER CENT
Sponge Iron India
Ltd. (SIIL), a public sector unit of the Steel ministry has made
a net profit of Rs. 4.04 crore during the first quarter of this
fiscal achieving a growth of 370.64 per cent of the quarterly
target. The net profit in the first 3 months is equal to 84.7
per cent of the total MOU target for the year 2003-04. This was
revealed in the quarterly reviewed meeting taken by the Steel
Minister Shri Braja Kishore Tripathy here today. The net profit
achieved during April to July exceeds the yearly MOU target.
The company achieved
an all time high average net sales realisation of Rs. 7467 per
tonnes of sponge iron against a target of Rs. 5700/- per tonne.
The Minister was happy to know that during the quarter the company
has achieved a production of 17,914 tonnes as against the target
of 15,900 tonnes reflecting a target achievement of 112.67 per
cent and capacity utilisation of 119.43 per cent. The company
has also achieved high fuel efficiency as reflected in the low
specific consumption of coal which is at 1.12 tonnes per tonnes
of sponge iron as compared to the MOU target of 1.14 tonnes per
tonne.
During the quarter,
the production of capacity utilisation with reference to the corresponding
period last year has grown by 13.8 per cent and 14.5 per cent.
The cash profit and net profit has shown a phenomenal growth of
245 per cent and 692 per cent respectively.
The minister
asked the authorities to increase sales and to expedite the commissioning
of Thakurani Sponge Iron Plant in Orissa.
