SAIL Q3 Results: Net profit stands at Rs 1,468 crores

State-owned steel maker SAIL has reported a consolidated net profit of Rs 1,468 crore in the quarter to December 2020, mainly on account of higher income. The company had a net loss of Rs 343.57 crore during the same quarter a year ago, the Steel Authority of India Ltd (SAIL) said in a BSE filing late night on Friday.

During October-December, the company’s total income jumped to Rs 19,997.31 crore from Rs 16,714.87 crore in the year-ago period. Its total expenses stood at Rs 16,406.81 crore, compared to Rs 17,312.64 crore a year ago.

In a statement, SAIL said it produced 4.37 million tonnes (MT) crude steel, registering a growth of 9% over the corresponding period last year.

During the quarter under review, the company produced 4.15 MT of saleable steel, a rise of 6%.

The Board of Directors of SAIL have also declared Interim Dividend of Rs. 1 per equity share of Rs 10 each (10% of the paid-up equity share capital of the company). The record date for the purpose of payment of Interim Dividend is 6th February 2021.

During the quarter under review, hot metal production was recorded at 4.8 million tonnes, growth of 12% YoY and saleable steel production at 4.15 mt, growth of 6% YoY. Total sales including domestic and exports were at 4.15 mt, growth of 12% YoY and saleable steel production at 4.15 mt, growth of 6% YoY. Total sales including domestic and exports were at 4.15 mt, growth of around 1% YoY.

The state-owned Steel Authority of India on Friday reported a net profit of Rs 1,468.20 crore during the December quarter of FY 21, as against a net loss of Rs 343.57 crore during the same period last year, mainly on account of increased steel demand.

SAIL Chairman Soma Mondal said, “SAIL has shown overall improvement during the current financial year despite all the challenges. With the focus on seizing opportunities, the company has geared up to service the rising steel demand in the market as soon as the gradual opening of lockdown started.”

SAIL, under the Ministry of Steel, is the country”s largest steelmaker having an installed capacity of about 21 million tonnes per annum. “The concerted thrust of the government to strengthen the infrastructure of the country has helped the domestic steel sector witness healthy demand generation,” the company’s statement said.