SAIL reports ₹540-crore Q1 profit with higher income

13-Aug-2018

Steel Authority of India Ltd (SAIL) has reported a ₹540.43-crore profit after tax for the first quarter of FY19. It had reported a loss of ₹1,287.24 crore in the same quarter of FY18.

Total income for the period under consideration stood at ₹16,004.95 crore (₹13,072 crore).

A company statement said: “The EBITDA in the first quarter of financial year 2018-19 was recorded at ₹2,685.46 crore…(against) ₹22.71 crore in the corresponding period of last year, indicating an acceleration of the overall performance of the company.”

SAIL’s saleable steel production was 3.61 million tonne (mt), up 13 per cent over the previous year period. Its sales volume was at 3.271 mt, up 8 per cent YoY.

“The company recorded improvement in all the techno-economic parameters — including Coke Rate by 3 per cent, Blast Furnace productivity by 2 per cent and Specific Energy Consumption by 3 per cent — over the corresponding period of last year,” it said.

“The operational performance of the company has recorded improvement over the past many quarters and this trend is likely to continue. SAIL has taken several new initiatives which will help the company in improving its physical and financial performance,” SAIL Chairman Saraswati Prasad said in the statement.

Source: THE HINDU BUSINESSLINE