Steel Authority of India (SAIL) on Friday reported Rs 3,897 crore consolidated net profit for the April-June quarter of the current fiscal on higher sales and margin.
During the April-June quarter of the 2020-21 fiscal, the company had reported a loss of Rs 1,226. SAIL had reported Rs 3,470 crore net profit in Q4 FY’21.
SAIL clocked Rs 20,643 crore revenue in the April-June quarter of the current fiscal, up from Rs 9,068 crore a year ago. It sold 3.3 million tonne steel during the reporting quarter.
Ebitda for the April-June quarter of the current fiscal stood at Rs 6,741 crore. SAIL’s Ebitda was (-) Rs 70 crore in the same quarter a year earlier.
Commenting on the first quarter results, SAIL’s chairman Soma Mondal said, “Though the demand for steel products in the quarter has not had the same momentum as during Q4 of FY’21, focused interventions in several areas of operations have helped achieving this robust performance.”
However, she said demand for steel in the later part of the year is expected to remain healthy with sustained domestic consumption coming from sectors like infrastructure, manufacturing, packaging, automotive, etc. as indicated from the present consumption cycle and future sectoral trends.