New Delhi: India's largest steel-making company and one of the Maharatna PSUs Steel Authority of India Limited (SAIL) has posted a strong Q1 FY 22 result. SAIL declared a net profit of Rs 3,897.36 crore for the June 2021 quarter which is close to 11 percent higher than Rs 3,470 crore in the previous quarter, SAIL said in a BSE filing.
The domestic steel major had posted a Rs 1,226.47-crore net loss in the year-ago quarter.
"The company has been consistently seizing available opportunities to move up the value chain. The performance during the quarter bears testimony to the objective-driven strategy and resilience by SAIL," said Soma Mondal, Chairman, SAIL in an official statement released Friday.
The company's net income during April-June 2021 more than doubled to Rs 20,754.75 crore, compared with Rs 9,346.21 crore in the year-ago period.
Total expenses stood at Rs 15,604.07 crore, against Rs 11,325.10 crore a year ago.
"The demand in the later part of the year is expected to remain healthy with sustained domestic consumption coming from sectors like infrastructure, manufacturing, packaging, automotive etc. as indicated from the present consumption cycle and future sectoral trends," the chairman said.
SAIL, under the Ministry of Steel, is the country's largest steel-making company having an annual steel-making capacity of about 21 million tonnes.
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