New Delhi [India], May 24 (ANI): Steel Authority of India Limited (SAIL) has posted a net profit of Rs 2,418 crore for the quarter ended March 2022 as compared to Rs 3,444 crore recorded in the corresponding quarter of the previous year, posting a year-on-year decline of 29.79 per cent.
During the fourth quarter of 2021-22, the company’s total income rose to Rs 31,175.25 crore as compared to Rs 23,533.19 crore recorded in the corresponding quarter of 2020-21.
For the full year 2021-22, the company has clocked its best-ever performance in production and sales while achieving an all-time high revenue from operation of Rs 1,03,473 crore and EBITDA of Rs 22,364 crore.
This performance, backed by an uptick in steel demand and a positive business outlook, is an outcome of collaborative and concerted efforts for enhancing production and improving techno-economic parameters while seizing possible opportunities in the marketplace, SAIL said in a statement.
“This record-breaking performance in FY’22 is a result of synergy across the Organization. However, the fourth quarter could not be fully insulated from the unprecedented rise in input costs, especially the price rise of imported coking coal on account of various reasons,” according to a statement released by the Ministry of Steel.
“Notwithstanding the challenges, the Company has taken several proactive steps to contain costs. Going forward, the Company has plans to meet the twin challenges of higher input costs and market price volatility by undertaking various measures for continual improvement in its processes and products basket,” it said. (ANI)