New Delhi, Aug 03: Bouyed by the significant improvement in its performance in the first quarter, state owned Steel Authority of India Ltd has set an ambitious target of attaining Rs 2500 crore net profit in the next three years. "The mood is upbeat... We are optimistic to do even better... Our turnover in current financial year should grow by upto 15 per cent," sail chairman V S Jain said in an exclusive interview.
Emerging from a BIFR case as sail's accumulated losses had increased beyond stipulated level of the net worth, the corporation has reported its best first quarter's net profit at Rs 255 crore since its inception.
Asked about the basis of optimism, Jain said, "I think market is going to remain good for the time being. Thrust on cost cutting has not slowed down. By making potential use of our assets, I am sure we can achieve our targets," Jain added.
Earlier this week, sail had announced its best ever first quarter performance with net profits at Rs 255 crore compared to a net loss of Rs 309 crore in the same period last year. Bureau Report