SAIL net profit jumps 31% to Rs 3,470 crore in fourth quarter

By: |
June 12, 2021 3:30 AM

Brokerage firm ICICI Securities said SAIL’s EBITDA margin for the January-March quarter was 26.4%, as against 11.5% in the same quarter previous fiscal.

Mitra also said that since the present dispensation came into power in Delhi, there has been “an ominous pattern of removing headquarters of PSUs from Kolkata which has been here for half a century and even a century”.Mitra also said that since the present dispensation came into power in Delhi, there has been “an ominous pattern of removing headquarters of PSUs from Kolkata which has been here for half a century and even a century”.

Steel Authority of India (SAIL) on Friday reported a 31% rise in consolidated net profit at Rs 3,470 crore for the January-March quarter of the 2020-21 fiscal on higher margins.

The company had clocked a net profit of Rs 2,648 crore in the January-March period of the last fiscal, it said in a regulatory filing. During the quarter under review, the company’s total income rose to Rs 23,533 crore, up 42% from Rs 16,575 crore in the year-ago period.

Brokerage firm ICICI Securities said SAIL’s EBITDA margin for the January-March quarter was 26.4%, as against 11.5% in the same quarter previous fiscal.

Total expenses during the quarter were at Rs 18,829 crore, as against Rs 11,682 crore the year before. SAIL reduced its finance costs by around 40% during the quarter to Rs 540 crore.

SAIL said in a statement that in the January-March quarter, it clocked its highest-ever quarterly hot metal, crude steel and saleable steel production of 4.98 million tonne (MT), 4.56 MT and 4.42 MT, respectively — registering 8%, 6% and 11% growth, respectively over the corresponding period last fiscal.

For the entire 2020-21 fiscal, SAIL’s net profit rose to Rs 4,148 crore from Rs 2,121 crore a year earlier. Its revenue from operations rose to Rs 69,114 crore from Rs 61,664 crore.

During 2020-21, SAIL pruned its net debt by Rs 16,131 crore to Rs 35,350 crore as on March 31, 2021. The company clocked its best-ever annual sales in 2020-21 at 14.94 MT, a growth of 5% over the previous year.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Draft cabinet note floated for 100% FDI in oil PSUs approved for disinvestment: Sources
2With Covid-led disruptions behind, Mahindra Logistics eyes sharp business growth in H2 FY22
3Jaypee Infratech case: YEIDA agrees with creation of SPVs, but final nod after competent authority approval