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New Delhi:
The country’s public sector steel producer Maharatna company SAIL today released its financial results for the first quarter (April-June’21) of the financial year 2021-22, which show a strong performance of the company. In the first quarter of the financial year 2021-22, the company reported a net profit of ₹3850 crore, as against a loss of ₹1270 crore in the corresponding quarter of the previous financial year. This net profit of the company is more than the fourth quarter of the last financial year. During the first quarter of the financial year 2021-22, SAIL has produced 37.70 lakh tonnes of crude steel (Crude steel), sold 33.27 lakh tonnes of salable steel, has an operation business of Rs 20,642 crore. With this, the company has reduced its gross borrowings by Rs 5063 crore during the first quarter.
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On the strong performance of the company, SAIL President Asoma Mandal said, “The company continues to move towards capturing opportunities in the value chain i.e. supply of value-added-products existing in the market. Adverse effects of the second wave of COVID-19 Despite this, the strong performance achieved by the company during the first quarter is a testimony to the target driven strategy and commitment of SAIL personnel.However, during the first quarter of FY 2021-22, the demand for steel products was not as strong as in FY21-22. The year 2020-21 continued during the fourth quarter, but the focus on multiple operational areas helped in achieving this strong financial result.
Steel consumption cycle and future trends in the steel sector indicate that steel demand should remain buoyant during the later part of the current year driven by continued domestic consumption in sectors such as infrastructure, manufacturing, packaging, automotive etc. are supposed to.