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Steel Authority of India (SAIL) reported a net profit of ₹1,283 crore for the October-December quarter of fiscal year 2021, a growth of 398 per cent over the same period in the previous fiscal, when the state-owned steelmaker posted a net loss due to the global fall in steel prices. Prices have risen since then.
SAIL’s crude steel production grew by 9 per cent year-on-year (YOY) to 4.37 million metric tonnes. The total sales, including exports, grew by around 1 per cent YOY to 4.15 million metric tonnes.
Combined with the rise in steel prices, this pushed the turnover up ₹19,614 crore for the quarter, a growth of 19.6 per cent compared to the same period last fiscal.
Rapid recovery
There has been a countrywide turnaround in the overall economic activities after the short pause set in during the pandemic, SAIL said in a release. In sectors like infrastructure, construction, manufacturing and automobiles, which are major steel buyers, there has been a relatively rapid recovery, it added.
“The company geared up to service the rising steel demand in the market as soon as the gradual opening of lockdown started,” said Soma Mondal, Chairman, SAIL. “As we look ahead, we are confident of improving the performance further in the remaining period of the financial year.”
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