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SAIL clocks Q3 profit of Rs 616 crore

Date: 08-02-2019
Subject: SAIL clocks Q3 profit of Rs 616 crore
Kolkata: Steel Authority of India Limited (SAIL) posted a net profit of Rs 616 crore in Q3 FY19 against a net of Rs 43 crore during the corresponding period last year. The company's net profit improved by more than 11% over Q2FY19 at Rs 554 crore. 

SAIL's turnover for Q3FY19 improved by 3% over previous corresponding quarter to Rs 15,660 crore against Rs 15,190 crore during Q3 FY18, an official statement said. The EBITDA in Q3 FY19 was Rs 2,653 crore, an improvement of 70% over turnover of Rs 1560 crore in Q2FY18. 

The company said it is focusing on ramping up production post modernization. Enhancing the volumes will also bring down the cost of production which will improve the performance as a whole. During Q3 FY19, SAIL recorded the best ever quarterly Crude Steel production of 4.3 million tonne (mt), a 10% growth over 3.9 mt in Q3FY18. In the third quarter of FY19 SAIL also recorded the best ever quarterly Saleable Steel production at 3.8 mt, a 5% growth over Q3FY18. 

Commenting on the performance, SAIL chairman Anil Kumar Chaudhary said: “The potential of steel consumption in domestic market is huge. We are focussed on meeting requirements of all sectors while enhancing our volumes. Higher production of value added steel is another focus area and we are committed to provide end-to-end customer services.” On the current volatility in steel prices he said that despite various factors including cheap imports, the prices are expected to improve in coming days, driven by high input costs. 

Source: economictimes.indiatimes.com