SAIL rebounds and posts Net Profit in second quarter, Registers more than 20% improvement in Turnover
Steel Authority of India Limited (SAIL), a public sector undertaking under Ministry of Steel has declared the financial results for the second quarter of the current Financial Year 2020-21 (Q2 FY’21) which reflects a strong performance. During Q2 FY’21, the Company has posted Profit Before Tax (PBT) of Rs 610.32 Crore and Profit After Tax (PAT) of Rs 393.32 Crore against loss of Rs 523.03 Crore and Rs 342.84 Crore respectively for PBT and PAT over the Corresponding Period Last Year (CPLY). The profit achieved during the second quarter of FY’21 reflects the resilience and robust performance by the Company in a fast reviving economy and domestic market which has been battling the adverse impact of the Covid 19 Pandemic during the initials month of the year. Signifying the pick-up in performance and activities, SAIL’s turnover in Q2 FY’21 also registered an improvement of more than 20% over CPLY and stood at Rs 16834.1 Crore. The Earning Before Interest,Taxes, Depreciation and Amortization (EBITDA) of Q2 FY’21 registered an astounding growth of 58.7% over CPLY and stood at Rs 2098.09 Crore. The Company, determined to face every odd thrown by the onset of Covid, performed exceptionally well and maintained the sales growth momentum from June’20 onwards. After the first two months of the FY’21, which were impacted by the pandemic, the cumulative performance has been largely made up by consistently better performance since then. SAIL registered an impressive 31.3% growth in sales during Q2 FY’21 over CPLY.
With the strategic focus on enhancing the saleable steel production, the Company registered the best ever saleable steel Q2 production of 3.752 MT in Q2 FY’21 surpassing the previous best of 3.658 MT achieved during Q2 FY’18. The saleable steel production in Q2 FY’21 grew by 5% over CPLY. The focus on operational efficiency also resulted in improvement in the key Techo-economic parameters during Q2 FY’21 viz. Coke Rate (4%), Blast Furnace Productivity (9%) and Specific Energy Consumption (1%) over CPLY.
Commenting on the performance of the Company in the second quarter of the current Financial Year, Shri 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”.