SAIL's Q3 net rises to Rs 616.30 cr on higher income, posts lower expenses

A man stands next to an advertisement of Steel Authority of India Ltd. (SAIL) at a street in New Delhi, India. Photo: Reuters

State-run steel maker SAIL on Thursday said its consolidated net profit jumped manifold to Rs 616.30 crore during the quarter ended on December 31, 2018, helped by lower stocks level and higher income.

The company had posted a net profit of Rs 43.16 crore during the same quarter a year ago, Steel Authority of India Ltd (SAIL) said in a BSE filing.

Total income of the company rose to Rs 15,910.46 crore during the quarter under review from Rs 15,443.13 crore in the December quarter of 2017. Total expenses fell to Rs 14,937.43 crore in October-December 2018 from Rs 15,317.51 crore in the corresponding quarter of the previous financial year. SAIL is the largest steel-making company in India.

During the third quarter of 2018-19, SAIL recorded its best ever quarterly crude steel production at 4.3 Million Tonnes (MT), registering a growth of l0 per cent over 3.9 MT in December quarter of 2017-18.

The company also recorded its best-ever quarterly saleable steel production at 3.8 MT in the quarter under review, a 5 per cent over the year-ago quarter.

SAIL Chairman Anil Kumar Chaudhary in a statement said, "The potential of steel consumption in the 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 providing end-to-end customer services."

Pointing at the current volatility in steel prices he said that despite various factors including cheap imports, the prices are expected to improve in coming days considering the high input costs.

The company produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India.

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

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel