Steel Authority of India Limited Recorded Notable Surge in Net Profit
Steel News | 2022-02-10 11:27:15
It must be noted that SAIL recorded year-on-year surge in consolidated income from INR 19,997.31 crore to INR 25,398.37 crore.
By Paul Ploumis
SEATTLE (Scrap Monster): Steel Authority of India Limited (SAIL) - the leading state-run steelmaker announced results for the December quarter of the ongoing fiscal year.
The company delivered one of its best physical performances both during the quarter as well as the nine-month period ended 31st December, 2021. However, this was not fully reflected in the financial results, due to several factors beyond the company’s control such as dramatic rise in coking coal prices.
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In a filing to the Bombay Stock Exchange (BSE), the company noted that it reported a modest 4.1% jump in consolidated net profit during Q3 FY22, mainly aided by higher income. The consolidated net profit surged from INR 1,528.54 crore in the year-ago quarter to INR 1,528.54 crore. It must be noted that SAIL recorded year-on-year surge in consolidated income from INR 19,997.31 crore to INR 25,398.37 crore.
The saleable steel production during the quarter stood at 4.365 million tonnes, whereas the crude steel production totalled 4.153 million tonnes. The total borrowings as at the end of the quarter were INR 19,128 crore.
The steelmaker anticipates significant improvement in operational and financial performance in the coming quarters, mainly driven by overall positive outlook in the economy and the increased focus by the government on infrastructure project spending.
