SAIL posts 31% jump in March quarter net profit at Rs 3,469.88 cr

Steel giant on Friday posted a 31 per cent jump in its consolidated net profit at Rs 3,469.88 crore for the quarter ended March 31, 2021, mainly on account of higher income.

The company had clocked Rs 2,647.52 crore net profit during the January-March period of fiscal year 2019-20, Steel Authority of India Ltd (SAIL) said in a regulatory filing.

During the quarter under review, the company’s total income rose to Rs 23,533.19 crore, from Rs 16,574.71 crore in the year-ago period. Total expenses were at Rs 18,829.26 crore, as against Rs 11,682.12 crore a year ago.

On a standalone basis, SAIL’s net profit grew to Rs 3,443.80 crore, from Rs 2,725.16 crore in the same period of 2019-20.

In January-March 2021, total income of the company rose to Rs 23,606.06 crore, from Rs 16,628.80 crore in the year-ago period.

Its expenses were at Rs 18,831.16 crore, as compared to Rs 11,675.87 crore in January-March 2020.

“The COVID-19 pandemic outbreak and measures to curtail it had caused significant disturbances and slowdown of economic activities, as a result of which the company’s operations had to be scaled down during; the first quarter of financial year ended March 31, 2021,” the filing said.

The filing further noted that following the gradual normalization of economic activities, the company is operating at normal capacity.

“In view of the positive economic environment seen across sectors, the management is of the belief that the trend is likely to continue in subsequent periods as well as the impact of COVID-19. if any, is not likely to be material,” it noted.

The Board of Directors has also declared a final dividend of 1.80 per equity share of Rs 10 each, said.

In a separate media statement, said it produced 4.56 million tonne (MT) during the quarter, up 6 per cent over the year-ago period, while sales jumped 11 per cent to 4.42 MT.

In the statement, SAIL Chairman Soma Mondal said, “the production performance and financial performance of SAIL improved hand-in-hand during the year. The second half (of the 2020-21 fiscal) saw buoyancy in steel demand on the back of recovering economic activities.”

Mondal further noted that “with the government also putting thrust on infrastructure spending, we focused on scaling up market driven products along with improvement in operational efficiency, which helped the company deliver a noteworthy performance.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *