SAIL FY21 Results: Amidst the challenges of Kovid, the government company registered a net profit of 3,850 crores
Steel Authority of India Limited (SAIL) has announced the annual financial results for the fourth quarter of FY 2020-21 (FY’21) as well as on 2021. Despite the unprecedented challenges posed by the Kovid-19 pandemic, the results of SAIL have been good on every parameter. The company has reduced borrowings of Rs 16,131 crore during the financial year-2020-21.
Commenting on the company’s performance during FY’21, Mrs. Soma Mandal, Chairman, SAIL said, “The company has registered a simultaneous growth in production and financial performance during FY’21. “Team Cell” has worked with full commitment and solidarity despite the grave and unforeseen challenges arising out of the COVID-19 pandemic, especially during the first half of FY’21. In the second half of FY’21, there was a spurt in demand for steel due to improvement in economic activity. Due to the government’s thrust on infrastructure spending, the company focused on improving operational efficiency as well as scaling up products in line with the market demand, which helped the company to perform significantly.
Important points of SAIL’s results during the fourth quarter of FY 2020-21 (FY’21) and FY’21-
– EBITDA during FY’21 is Rs 13740 crore and net profit after tax is Rs 3850 crore.
EBITDA during the fourth quarter of FY’21 is Rs 6473 crore and net profit after tax is Rs 3444 crore.
The company’s net borrowings (Non-IndAS) declined by Rs 16,131 crore during FY’21 to Rs 35,350 crore (as on March 31, 2021).
The company recorded a growth of 8% during the fourth quarter of FY’21, 49.8 lakh tonnes of hot metal, a growth of 6% to 45.6 lakh tonnes of crude steel and a growth of 11% as compared to the same period of the previous financial year. 44.2 million tonnes of salable steel is produced. This production of hot metal, crude steel and salable steel during the fourth quarter is the highest in any quarter so far.
The company has recorded the best ever sales of 149.4 lakh tonnes during FY’21, which is 5% higher than the corresponding period of last financial year.
The company has recorded the best ever quarter sales of 43.5 lakh tonnes during the fourth quarter of FY’21, an increase of 16% over the corresponding period of the previous financial year.