SAIL posts Rs 3,897-crore net profit for June quarter, FY 22

Steel Authority of India (SAIL) reported consolidated net profit of Rs 3,897 crore for the April-June quarter of the current fiscal on higher sales and margin. During the April-June quarter of the 2020-21 fiscal, the company had reported a loss of Rs 1,226.  

SAIL clocked Rs 20,643 crore revenue in the April-June quarter of the current fiscal, up from Rs 9,068 crore a year ago. It sold 3.3 million tonnes of steel during the reporting quarter.

Its net income during April-June 2021 more than doubled to Rs 20,754.75 crore, compared with Rs 9,346.21 crore in the year-ago period. Total expenses stood at Rs 15,604.07 crore, against Rs 11,325.10 crore a year ago. EBITDA for the April-June quarter of the current fiscal stood at Rs 6,741 crore. SAIL’s EBITDA was (-) Rs 70 crore in the same quarter a year earlier.

In a statement, the company said its crude steel production during the quarter stood at 3.77 million tonnes and sales 3.32 million tonnes.

SAIL’s chairperson, Soma Mondal said, “The performance during the quarter bears testimony to objective-driven strategy and resilience by the SAIL collective despite the adverse impact of the dominant second wave of COVID-19.”

She added that though demand for steel products in the quarter has not had the same momentum as during the March 2021 quarter, focused interventions in several areas of operations have helped in achieving this robust performance.

The demand in the later part of the year is expected to remain healthy with sustained domestic consumption coming from sectors like infrastructure, manufacturing, packaging and automotive, Mondal said. She added it is indicated from the present consumption cycle and future sectoral trends. SAIL, under the Ministry of Steel, is the country’s largest steel-making company having an annual steel making capacity of about 21 million tonnes.

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