SAIL Q2 Results: Steelmaker back in green with Rs 393 crore profit
The state-owned steel player registered a 31.39% growth in sales during Q2.
By Bhavya Dilipkumar, ET Bureau |
BCCL
MUMBAI: State-owned steelmaker Steel Authority of India Ltd (SAIL) has reported a consolidated net profit of Rs 393.19 crore during the September quarter of FY21, as against a loss of Rs 248.08 crore during the same period last year, mainly on account of increased domestic demand as economic activity picked up during from August, the company said.
"SAIL collectively did this and the company registered a profit in Q2 of FY21 by braving all odds and exhibiting growth in the operational performance,” said the group’s chairman Anil Kumar Chaudhary in a statement on Friday.
The company had reported a net loss of Rs 1,265 crore during the June quarter of FY 21.
The profit achieved during the second quarter of' FY'21 reflects a fast reviving economy and domestic market which has been battling the adverse Impact of the pandemic during the initial month of the year, said the company in a statement.
Following the resumption of operations during the later part of the first quarter, the company has operated at normal capacity in the quarter ended 30th September2020, it said.
Sail's turnover in the September quarter also registered an improvement of more than 20% year-on-year and stood at Rs 16,834 crore. The company’s earnings before interest, taxes, depreciation and amortization registered a 58.1% year-on-year growth at Rs 2,098.09 crore.
The state-owned steel player registered a 31.39% growth in sales during Q2.
“Sales include sale to Government Agencies recognized on provisional contract prices during the half year ended 30th September 2020 Rs 11,771.50 crore as against the same period last year at Rs 8,772.92 crore,” the company said in its notes to accounts filed with the BSE.
On a segmental basis, the company’s Bhilai Steel Plant has reported a profit of Rs 542 crore during the quarter under review as against a loss of Rs 160 crore in the previous quarter. The company’s IISCO Steel plant continues to report losses at Rs 205.84 crore during the September quarter of FY21.
"SAIL collectively did this and the company registered a profit in Q2 of FY21 by braving all odds and exhibiting growth in the operational performance,” said the group’s chairman Anil Kumar Chaudhary in a statement on Friday.
The company had reported a net loss of Rs 1,265 crore during the June quarter of FY 21.
The profit achieved during the second quarter of' FY'21 reflects a fast reviving economy and domestic market which has been battling the adverse Impact of the pandemic during the initial month of the year, said the company in a statement.
Following the resumption of operations during the later part of the first quarter, the company has operated at normal capacity in the quarter ended 30th September2020, it said.
Sail's turnover in the September quarter also registered an improvement of more than 20% year-on-year and stood at Rs 16,834 crore. The company’s earnings before interest, taxes, depreciation and amortization registered a 58.1% year-on-year growth at Rs 2,098.09 crore.
ADVERTISEMENT
The state-owned steel player registered a 31.39% growth in sales during Q2.
“Sales include sale to Government Agencies recognized on provisional contract prices during the half year ended 30th September 2020 Rs 11,771.50 crore as against the same period last year at Rs 8,772.92 crore,” the company said in its notes to accounts filed with the BSE.
On a segmental basis, the company’s Bhilai Steel Plant has reported a profit of Rs 542 crore during the quarter under review as against a loss of Rs 160 crore in the previous quarter. The company’s IISCO Steel plant continues to report losses at Rs 205.84 crore during the September quarter of FY21.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
Related Articles
SAIL Q2 Results: Profit falls 31% to Rs 897 crore, total income down 16.8%ADVERTISEMENT
