Company reduces borrowings by more than Rs 16,222 crore in 9M of FY’22
Team News Riveting
New Delhi, February 9
Steel Authority of India Limited (SAIL) declared the financial results giving the company’s performance during Third Quarter (Q3) and first Nine Months (9M) of the Financial Year
2021-22 (FY’22).
Key Highlights of SAIL’s performance during Q3 FY’22 and 9M FY’22 include best ever Q3 and 9M production of hot metal, crude steel and saleable steel. Net profit grows by 12% in Q3FY22 over CPLY. Net profit grew to Rs 9597 crore during 9M FY’22 vis-à-vis Rs 406 crore during correspondingly period of last year (CPLY).
Revenue from operations grows by 28 per cent at Rs 25,245 crore in Q3 FY’22 and 59 per cent at Rs 72,715 crore in 9M FY’22 over CPLY. Borrowings stood at Rs 19,128 Crore as on December 31, 2021.
The company has delivered one of its best physical performances during the quarter as well as nine months ending 31st Dec, 2021. However, the same is not reflected in the financial performance of Q3 FY’22 due to various factors beyond the control of the company which primarily include unprecedented increase in the prices of imported and indigenous coking coal.
With the overall positive outlook in the economy and the announcements in the Union Budget for increasing the infrastructure spending, the performance is likely to improve in the coming quarters.
The company’s focus remains to lower its borrowings and this is reflected in the reduction of about 15 per cent over Second Quarter (Q2).
