Indian state-owned steelmaker, Steel Authority of India (Sail) published a consolidated net profit of Rs 38.97bn ($5.24mn) for Q1 2021, as compared to a profit of Rs 34.7bn net profit in Q4, 2020.
Despite a low demand for steel products in the quarter, focused interventions in several operation areas have boosted the steelmaker’s performance, said, Chairman Soma Mondal.
The company’s crude steel production was at 3.77mn mt, while saleable steel sales were at 3.32mn mt.
The company’s revenue from operation was at Rs206.42bn.
The company reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rs 67.41bn, versus an EBIDTA loss of Rs 700mn from a year ago.
The steelmaker’s revenue jumped to more than double to Rs 206.42bn in the June quarter as compared to Rs 90.67bn in the prior period.
Sail’s Bhilai steel plant reported a revenue of Rs 55.48bn, making it the biggest contributor of around 24pc of the company’s total revenue.
Demand in the later part of the year could remain healthy with a sustained domestic consumption coming from sectors like infrastructure, manufacturing, packaging among others, indicated the present consumption cycle and future sectoral trends, Mandal said.
($1 = Rs 74.23)