The company has also recorded increase by 20.5 per cent in net profit to Rs. 1,46,176 lakh in the quarter ended March 2011 from Rs. 1,21,287 lakh in the quarter ended March 2010.
Moreover, the expenditure also increased to Rs. 1, 53,884 lakh in the March 2011 quarter from Rs. 87,712 lakh in the corresponding quarter last year. The other income of the company surged to Rs. 16,899 lakh from Rs. 7,365 lakh in the quarter ended March 2010. The paid up equity share capital of the company in the quarter ended March 2011 amounted to Rs. 8,691 lakh from Rs. 8,310 lakh.
For the period of year ended March 2011, the total income increased to Rs. 9, 20,512 lakh as compared to Rs. 5, 85,829 lakh in the corresponding period last year. The other income during the year ended March 2011 amounted to Rs. 53,989 lakh as compared to Rs. 30,406 lakh in the year ended March 2010. Moreover, the net profit during the period rose to Rs. 4, 22,245 lakh from Rs. 2, 62,913 lakh in the period of year ended March 2010.
Further, during the fourth quarter the company acquired assets of Steel Plant of Bellary Steel and Alloys Limited for at Rs. 220 crore. It has also acquired d 10.4% Stake of Cairn India Ltd. from Petronas. Further, the Supreme Court of India has approved the amalgamation of Sesa Industries Limited (SIL) with Sesa Goa Limited (SGL).
During the quarter, the sales of iron ore has improved, which stood at 6.7 million tonnes from 6.6 million tonnes in the corresponding quarter last year. However, the sales for the year stood at 18.1 million tonnes as compared to 18.4 million tonnes sales last year. The production of iron ore was down by 20 per cent during the quarter ended March 2011 at 5.5 million tonnes as there was a state-wide export ban in Karnataka, which was imposed since end of July 2010 and closure of the third party mining agreement in Orissa in November 2010.
However, the Supreme Court has declared that the Karnataka export ban would be lifted from 20 April 2011. The final hearing of the case is expected to be scheduled in the first week of May 2011.
As the company had focussed on the exploration activities at its operations at Goa and Karnataka, there was a gross addition of 53 million tonnes of reserves and resources as compared to a prior depletion of 21 million tonnes during the year.
Additionally, the board of directors of the company at a meeting conducted on April 25, 2011 has recommended a dividend of Rs. 3.50 per equity share of Rs 1 each for the current financial year as compared to Rs 3.25 per equity share of Rs 1 each in the previous year.