Team News Riveting
New Delhi, August 6
Steel Authority of India Limited (SAIL) has declared the financial results for its First Quarter (Q1) pf the financial year 2021-22 (FY22) reflecting a robust performance.
While the crude steel production was recorded at 3.770 Million Tonne (MT), saleable steel sales surged to 3.327 MT. The state-run steel maker earned Rs 20642 crore as revenue from operation. The reduction in gross borrowings during the Quarter was Rs 5063 crore.
SAIL posted a consolidated net profit of Rs 3,897.36 crore for the quarter ended June. The company had posted a Rs 1,226.47-crore net loss in the year-ago quarter.
SAIL’s Financial Performance at a glance
(In Rs. Crore)
| Standalone | Consolidated | |||||
| Q1FY’21 | Q4 FY’21 | Q1 FY’22 | Q1FY’21 | Q4 FY’21 | Q1 FY’22 | |
| EBITDA | (125) | 6473 | 6674 | (70) | 6526 | 6741 |
| PBT | (1985) | 4608 | 5145 | (1930) | 4661 | 5212 |
| PAT | (1270) | 3444 | 3850 | (1226) | 3470 | 3897 |
Commenting on the robust performance of the company, Smt. Soma Mondal, Chairman, SAIL said, “The Company has been consistently seizing available opportunities to move up the value chain. The performance during the quarter bears the testimony to objective driven strategy and resilience by the SAIL Collective despite the adverse impact of dominant second wave of COVID-19. 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 in achieving this robust performance. The demand 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.”
