The company, however, recorded a 42.57 percent drop in standalone net profit in the fourth quarter of FY2018-19 to settle at Rs 468.40 croreNew Delhi: Even as government-run steelmaker Steel Authority of India Limited (SAIL) posted a big drop in Q4, this is for the first time in three years that it has managed to reverse its net loss into profit. The net profit for financial year 2018-19 stood at Rs 2,178.82 crores against the net loss of Rs 481.71 crores it posted in FY2017-18. The company, however, recorded a 42.57 percent drop in standalone net profit in the fourth quarter of FY2018-19 to settle at Rs 468.40 crore, primarily due to higher expenses. In the corresponding quarter of the previous financial year, the PSU had posted a standalone net profit of Rs 815.57 crore, SAIL said in a regulatory filing.
Total income for Q4 at Rs 18,752.36 crore
In Q4FY19, SAIL’s standalone total income increased to Rs 18,752.36 crore from Rs 17,264.86 crore in the year-ago period. The PSU’s expenses stood at 17,985.46 crores, up from Rs 16,455.94 crore in the corresponding period of the preceding fiscal.
During this period, the EBITDA stood at Rs 2,461 crores and the turnover was Rs 18,323 crores, registering a growth of 9 percent over the corresponding quarter a year ago. The Q4 FY19 recorded growth of 10 percent, 8 percent and 14 percent in respect of production of hot metal, crude steel, and saleable steel respectively, while sales grew at 13 percent.
Anil Kumar Chaudhary, Chairman, SAIL, dedicated the turnaround to organisational synergy and teamwork. He said, “The entire SAIL Collective worked in mission mode to achieve this turnaround. Together we have done it and it has strengthened our resolve to perform better in coming times. We all are committed to putting SAIL into a higher orbit of performance. The performance during the last year gives us the confidence to aim higher and we shall put in even greater efforts to ramp-up production from our sophisticated mills while focussing on augmenting production of special & valued added steels and niche products.”
PSU Watch is a business news brand of 27 Frames Communications LLP. It places the spotlight on PSUs, Governance, Bureaucracy, Defence and Public Policy as the sector traverses through a period of radical change.