SAIL reports Q4 profit of Rs 816 crore
The company’s net turnover rose 34% in Q4 FY18 to Rs 16,811 crore from year ago.
By Rakhi Mazumdar, ET Bureau |
BCCL
Kolkata: Steel Authority of India Ltd (SAIL) posted a net profit of Rs 816 crore in Q4FY18 against a loss in the same period last year. For the full year FY18, SAIL remained in the red though it managed to hammer down its consolidated net loss to Rs 281 crore from a loss of Rs 2,756 in FY17.
The state-owned steel major said net profit of Rs 816 crore in Q4FY18 came after a provision of Rs 582 crore towards enhanced gratuity recently approved by the government. It also said that all the five integrated steel plants of the company recorded individual profits in Q4 FY18.
The company’s net turnover rose 34% in Q4 FY18 to Rs 16,811 crore from the year ago. SAIL reported earnings before interest tax depreciation and amortisation (EBITDA) at Rs 2,624 crore in the quarter. The EBITDA per tonne of sales was Rs 7,020.
SAIL’s total sales volume in Q4FY18 was 3.738 million tonne (mt), an increase of 8.4% over the last corresponding quarter. For fiscal 2018, SAIL registered its highest sales volume at 14.08 mt, which is higher by 7.4% last year.
New product offerings, sustained efforts at process integration, intensive marketing efforts along with a production ramp-up and stabilization of new mills helped swing the company into profit, the company said in a statement.
On a standalone basis, SAIL narrowed net loss to Rs 482 crore in FY18 from Rs 2,833 crore in FY17. The company said a persistent approach to improve operational profitability helped keep EBIDTA positive in FY18 at Rs 5,184 crore.
SAIL’s Q4 FY18 production of 4 mt crude steel is the highest ever quarterly production and was 6% more than last year. The company also reported its highest quarterly continuous casting production of 3.4 mt in the quarter that grew 8% over Q4FY17.
“SAIL, which has almost finished its modernization and expansion, is ready with an array of value added products tailored for today’s requirements. The domestic market is showing good growth signs, backed by government’s initiative to enhance domestic steel consumption. The on-going and upcoming large infrastructure projects offer large scope for steel consumption.” Sail chairman P K Singh said.
The state-owned steel major said net profit of Rs 816 crore in Q4FY18 came after a provision of Rs 582 crore towards enhanced gratuity recently approved by the government. It also said that all the five integrated steel plants of the company recorded individual profits in Q4 FY18.
The company’s net turnover rose 34% in Q4 FY18 to Rs 16,811 crore from the year ago. SAIL reported earnings before interest tax depreciation and amortisation (EBITDA) at Rs 2,624 crore in the quarter. The EBITDA per tonne of sales was Rs 7,020.
SAIL’s total sales volume in Q4FY18 was 3.738 million tonne (mt), an increase of 8.4% over the last corresponding quarter. For fiscal 2018, SAIL registered its highest sales volume at 14.08 mt, which is higher by 7.4% last year.
New product offerings, sustained efforts at process integration, intensive marketing efforts along with a production ramp-up and stabilization of new mills helped swing the company into profit, the company said in a statement.
On a standalone basis, SAIL narrowed net loss to Rs 482 crore in FY18 from Rs 2,833 crore in FY17. The company said a persistent approach to improve operational profitability helped keep EBIDTA positive in FY18 at Rs 5,184 crore.
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SAIL’s Q4 FY18 production of 4 mt crude steel is the highest ever quarterly production and was 6% more than last year. The company also reported its highest quarterly continuous casting production of 3.4 mt in the quarter that grew 8% over Q4FY17.
“SAIL, which has almost finished its modernization and expansion, is ready with an array of value added products tailored for today’s requirements. The domestic market is showing good growth signs, backed by government’s initiative to enhance domestic steel consumption. The on-going and upcoming large infrastructure projects offer large scope for steel consumption.” Sail chairman P K Singh said.
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