SAIL’s Net Profit In FY21 Rose By 26%
- ByStartupStory | June 11, 2021
PSU Maharatna Steel Authority of India Ltd (SAIL) has announced a 26.4% increase in its net profit at Rs. 3,444 crores for the March quarter and a significant reduction in net debt during FY21. But Sail’s net profit in FY21 earnings before interest, depreciation tax, and amortization (EBITDA) in Q4 stood at Rs 6,473 crore, down 6.4 percent from Rs 6,917 crore in the previous year period. Turnover jumped from Rs 16,024 crore in Q4 FY20 44.6 percent to Rs 23,166 crore in Q4 FY21.
Furthermore, during Q4 FY21, the company achieved the highest-ever quarterly crude steel, hot metal, and saleable steel production of 4.98 million tonnes, 4.56 million tonnes, and 4.42 million tonnes along with SAIL’s net profit in FY21. In the entire fiscal FY21, the profit after tax rose by over 90 percent to Rs 3,850 crore from Rs 2,022 crore in FY20.
Sona Mandal, Chairman said an Increased demand for steel has been observed in the second half of FY21 indicating a recovery in economic activities. “With the government 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,” she said in a statement.
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