New Delhi: The public sector undertaking Steel Authority of India Limited (SAIL), under Ministry of Steel, has declared the financial results giving the company’s performance during Q3 of the financial year 2021-22 (FY22). The net profit of SAIL has grown by 12 per cent in Q3 FY22 over the corresponding period of last year (CPLY). In absolute terms, net profit grew to Rs 9597 crore during Q3 FY '22 vis-à-vis Rs 406 crore during the CPLY.

Revenue from operations have grown by 28 per cent at Rs 25,245 crore in Q3 FY '22 and 59 per cent at Rs 72,715 crore in Q3 FY’22 over the CPLY. The borrowings stood at Rs 19,128 crore as on 31.12.2021. The company has delivered one of its best physical performances during the quarter as well as nine months ending 31st December 2021.

However, the same is not reflected in the financial performance of Q3 FY '22 due to various factors beyond the control of the company which primarily include unprecedented increase in the prices of imported and indigenous coking coal.

With the overall positive outlook in the economy and the announcements in the Union Budget for increasing the infrastructure spending, the performance is likely to improve in the coming quarters. The company’s focus remains to lower its borrowings and this is reflected in the reduction of about 15 per cent over Q2. /BI/