New Delhi: The public sector undertaking -- Steel Authority of India Limited (SAIL) – has logged Rs 3850 crore as net profit in the first quarter – April to June – of the current financial year. The total crude steel production during the period under review has been pegged at 3.770 million tonnes, while saleable steel sales at 3.327 million tonnes.
According to an official statement, revenue from operation has been calculated at Rs 20642 crore, while the reduction in gross borrowings during the quarter has been pegged at Rs 5063 crore. Commenting on the robust performance of the company, Soma Mondal, Chairman, SAIL, said, “The Company has been consistently seizing available opportunities to move up the value chain.”
“The performance during the quarter bears testimony to objective driven strategy and resilience by the SAIL Collective despite the adverse impact of the dominant second wave of COVID-19. Though the demand for steel products in the quarter has not had the same momentum as during Q4 of FY’21, focused interventions in several areas of operations have helped in achieving this robust performance,” she said.
“The demand in the later part of the year is expected to remain healthy with sustained domestic consumption coming from sectors like infrastructure, manufacturing, packaging, automotive, etc., as indicated from the present consumption cycle and future sectoral trends,” added Mondal. /BI/
