New Delhi, Aug 05: Continuing its efforts to improve bottom line, state owned steel authority of India Ltd (sail) has set an ambitious target of saving upto Rs 800 crore in the current fiscal with the help of lower interest outgo and cost cutting measures "Our interest outgo should come down by about Rs 400 crore in the current financial year as we are continuously reducing our high-cost debts. We are also expecting saving of similar amount from company's aggressive efforts to cut cost," V S Jain, sail chairman told
The targeted saving, which is up by Rs 100 crore from last financial year, would help sail to neutralise the impact of rising input prices, Jain said, adding that "we are determined to turn around by the end of 2003-04."
Declining to comment on sail's targeted net profit in the current fiscal, Jain said "three years from now we are hoping to earn annual net profit of Rs 2,500 crore."
This would be double the net profit, sail ever registered in 1994-95.

Jain's confidence stems from the fact that the steel market, both domestic and overseas, was looking upward both in terms of demand for steel and its prices
Jain also exuded confidence about increasing the turnover of sail by upto 15 per cent thereby crossing the Rs 20,000 mark in this fiscal.

Bureau Report