Steel Authority of India Limited (SAIL) declared its financial results for the quarter ending 30th June, 2023. The Key highlights of financial results are mentioned below :
Performance of Q1 FY 2023-24 (Standalone) at a glance :
|Unit||Q1 2022-23||Q4 2022-23||Q1 2023-24|
|Crude Steel Production||Million Tonne||4.33||4.95||4.67|
|Sales Volume||Million Tonne||3.15||4.68||3.88|
|Revenue from Operations||₹ Crore||24,029||29,131||24,358|
|Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)||₹ Crore||2,606||3,401||2,090|
|Profit Before Tax (PBT)||₹ Crore||1,038||1,480||202|
|Profit After Tax (PAT)||₹ Crore||776||1,049||150|
SAIL achieved its best ever Q1 performance with respect to Productions and Sales. The company registered a growth in the Crude Steel Production and Sales Volumes by 8% and 23% respectively over CPLY (corresponding period last year). Despite increase in volumes, the turnover has increased by 1% due to decline in price realization.
With the coking coal prices stabilizing and the market outlook positive for sustained consumption growth in the country, margins are likely to improve going forward. The Steel PSU is also taking up debottlenecking and efficiency improvement projects to shore up the profitability in the medium term.