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| Exchange Disseminated Time | Steel Authority of India Ltd has announced the following results for the quarter & year ended March 31, 2012
The Unaudited results for the Quarter ended March 31, 2012
The Company has posted a net profit after tax of Rs. 15769.80 million for the quarter ended March 31, 2012 where as the same was at Rs. 15306.10 million for the quarter ended March 31, 2011. Total Income is Rs. 139075.30 million for the quarter ended March 31, 2012 where as the same was at Rs. 125549.00 million for the quarter ended March 31, 2011.
The Audited results for the Year ended March 31, 2012
The Company has posted a net profit after tax of Rs. 35427.20 million for the year ended March 31, 2012 where as the same was at Rs. 49047.40 million for the year ended March 31, 2011. Total Income is Rs. 478975.20 million for the year ended March 31, 2012 where as the same was at Rs. 447480.00 million for the year ended March 31, 2011.
"The Ministry of Corporate Affairs, vide Order dated June 10, 2011, notified the approval of amalgamation of Maharashtra Elektrosmelt Limited (MEL), a subsidiary company, with the Company under Sections 391 to 394 of the Companies Act, 1956. As per the Scheme of Amalgamation, the Appointed Date of Amalgamation is April 01, 2010. The Amalgamation has been given effect to in accordance with the provisions of the Scheme of Amalgamation. Accordingly, as stipulated under the Scheme of Amalgamation, balance of the Profit & Loss Account of the MEL as on April 01, 2010, has been merged in the accounts of the Company. The profit after tax of MEL for the year 2010-11, has also been credited to the balance of the Profit and Loss Account of the Company. The financial results of the quarter / year ended March 31, 2011, do not include the figures of the erstwhile MEL and are, therefore, not comparable with those of the current quarter / year, which include the results of Chandrapur Ferro Alloy Plant, erstwhile MEL, consequent to its amalgamation with the Company."
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