New Delhi: The Steel Authority of India Limited (SAIL) achieved its best-ever Q1 performance with respect to production and sales. It yesterday declared its financial results for the quarter ending June 30, 2023.
The company registered a growth in crude steel production and sales volumes by 8% and 23% respectively over CPLY (the corresponding period last year). Despite the increase in volumes, the turnover increased by 1% due to a decline in price realization.
SAIL stated that with the coking coal prices stabilizing and the market outlook positive for sustained consumption growth in the country, margins are likely to improve going forward. The Company is also taking up debottlenecking and efficiency improvement projects to shore up its profitability in the medium term.
The key highlights of financial results are mentioned below:
Performance of Q1 FY 2023-24 (Standalone) at a glance:
|Unit||Q1 2022-23||Q4 2022-23||Q1 2023-24|
|Crude Steel Production||Million Tonne||4.33||4.95||4.67|
|Sales Volume||Million Tonne||3.15||4.68||3.88|
|Revenue from Operations||₹ Crore||24,029||29,131||24,358|
|Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)||₹ Crore||2,606||3,401||2,090|
|Profit Before Tax (PBT)||₹ Crore||1,038||1,480||202|
|Profit After Tax (PAT)||₹ Crore||776||1,049||150|
Earlier, SAIL had announced on July 4, 2023, of achieving a “record-breaking” performance in the first quarter of the financial year 2023-24 (Q1 FY24) in terms of production and sales. The production of hot metal, crude steel, and saleable steel of 5.037 million tonnes (MT), 4.667 MT, and 4.405 MT, respectively, marked the best-ever first-quarter results.
These figures represented a remarkable growth of 7%, 8%, and 8% respectively in comparison to the previous best. Moreover, the company attained its highest-ever sales performance in the first quarter by achieving a sales volume of 3.9 MT. This is a growth of around 24% over CPLY.
The company stated it is focused on maximizing capacity utilization and meeting customer demands.
– global bihari bureau