Higher sales of secondary products, sale of iron ore fines, lower usage of other raw materials, decreased purchased power rates, reduction in interest charges, higher dividend income and forex exchange gain were among the main factors that helped Steel Authority of India Ltd (SAIL) post the highest Profit Before Tax (PBT) in the last ten years, Soma Mondal, Chairman has said.

Speaking at the 49th annual general meeting of the company, she described FY21 as the year of ‘growth and scaling newer heights’ for SAIL. The company posted its highest ever EBITDA of ₹13,740 crore which was higher by 23 per cent over the corresponding period of last year (CPLY).

Covid-19 measures

Mondal outlined some of the measures taken by the company to tackle the challenges due to Covid-19 pandemic. SAIL made optimal utilisation of the operational facilities instead of operating a greater number of facilities at sub-optimal level, she said.

“Along with reduction in cost by reducing consumption level for various inputs, the capital repairs were also preponed wherever feasible. In these trying times, the company maximised sales volumes through potential channels like exports, dispatch to railways while it reduced cash outflows by reviewing commitments and renegotiating contracts among others,” she added.

As per Mondal, SAIL developed medical infrastructure for handling Covid-19 pandemic as well as augmented these facilities during the second wave. SAIL hospitals at 5 integrated steel plant locations were initially earmarked with 10 per cent (330 beds out) of the total beds for Covid-19 patients. They were subsequently augmented to 1,000 dedicated Covid beds with oxygen support.

Related Topics
comment COMMENT NOW