SAIL records net profit of Rs 436.52 crore in the second quarter of current fiscal (FY21)

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Photo courtesy: Tata Steel Europe

The state-run Steel Authority of India (SAIL) on Friday reported a net profit of Rs 436.52 crore on a consolidated basis for the July-September quarter of the current fiscal, compared to a loss of Rs 285.92 crore in the corresponding quarter last fiscal. In the first quarter of the current fiscal, SAIL had reported a loss of Rs 1,226.47 crore.

“Signifying the pick-up in performance and activities, SAIL’s turnover in Q2 FY21 also registered an improvement of more than 20 per cent over corresponding period last year (CPLY) and stood at Rs 16,834.1 crore. The EBITDA of Q2 FY21 registered an astounding growth of 58.1 per cent over CPLY and stood at Rs 2,098.09 crore,” SAIL said in a statement.

Finance cost for the company reduced to Rs 720.37 crore during the reporting quarter from Rs 940.35 crore a year earlier. Saleable steel production of the company during the quarter stood at 3.752 MT, it’s best ever, up by 5 per cent over the same period last year.

Commenting on the performance of the Company in the second quarter of the current Financial Year, Anil Kumar Chaudhary, Chairman, SAIL said, “The year began with unforeseeable challenges, which had engulfed the entire world. It was a time to foster synergy and channelize all our energy and determination to surmount the obstacles and prove our mettle. SAIL Collective did this and the Company registered profit in Q2 FY’21 by braving all odds and exhibiting substantial growth in the operational performance. The Company is determined to perform better in future and is geared up to take all necessary actions to remain a world-class domestic steel producer towards building an Atmanirbhar Bharat”.

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