Team News Riveting
New Delhi, November 6
State-run Steel Authority of India Limited (SAIL) has registered an impressive 31.3 per cent growth in sales during the second quarter of the current Financial Year 2020-21 (Q2 FY’21) corresponding period last year (CPLY).
Overall, it has led to the Company’s total sales in the first six months (H1) of FY’21 (April – September 20) growing by 3.4 per cent over CPLY. The total sales, which include both domestic and exports, for H1 FY ’21 stood at 7.912 Million Tonnes against 7.654 MT over CPLY.
During Q2 FY’21, the Company has posted Profit Before Tax (PBT) of Rs 610.32 crore and Profit After Tax (PAT) of Rs 393.32 crore against loss of Rs 523.03 crore and Rs 342.84 crore respectively for PBT and PAT over CPLY.
The profit achieved during the second quarter of FY ’21 reflects the resilience and robust performance by the Company in a fast reviving economy and domestic market which has been battling the adverse impact of the Covid19 Pandemic during the initial month of the year.
Signifying the pick-up in performance and activities, SAIL’s turnover in Q2 FY’21 also registered an improvement of more than 20 per cent over CPLY and stood at Rs 16834.1 crore. The EBITDA of Q2 FY’21 registered an astounding growth of 58.7 per cent over CPLY and stood at Rs 2098.09 crore.
The Company, determined to face every odd thrown by the onset of Covid, performed exceptionally well and maintained the sales growth momentum from June’20 onwards. After the first two months of the FY ’21, which were impacted by the pandemic, the cumulative performance has been largely made up by consistently better performance since then.
With the strategic focus on enhancing the saleable steel production, the Company registered the best ever saleable steel Q2 production of 3.752 MT in Q2 FY ’21 surpassing the previous best of 3.658 MT achieved during Q2 FY’18. The saleable steel production in Q2 FY’21 grew by 5 per cent over CPLY. The focus on operational efficiency also resulted in improvement in the key Techno-economic parameters during Q2 FY’21 viz. Coke Rate (4 per cent), Blast Furnace Productivity (9 per cent) and Specific Energy Consumption (1 per cent) over CPLY.
“The year began with unforeseeable challenges, which had engulfed the entire world. It was a time to foster synergy and channelize all our energy and determination to surmount the obstacles and prove our mettle,” SAIl Chairman Anil Kumar Chaudhary said.
SAIL Collective did this and the Company registered profit in Q2 FY’21 by braving all odds and exhibiting substantial growth in the operational performance, he said, adding that the Company was determined to perform better in future and had geared up to take all necessary actions to remain a world-class domestic steel producer towards building an AtmaNirbhar Bharat.
