SAIL contributed to every major national project in FY19: CMD

At its 47th AGM, SAIL CMD said that the PSU contributed to every major national project and gave a fillip to India’s growth story

New Delhi: Steel Authority of India Limited (SAIL) Chairman and Managing Director (CMD) Anil Kumar Chaudhary has said that the public sector undertaking (PSU) was part of every major infrastructure project of India in financial year 2018-19. He was addressing the company's shareholders at its 47th annual general meeting (AGM).

'SAIL gave a fillip to India growth story'

On this occasion, Chaudhary also said, "SAIL has associated itself with every major national infrastructure project of the country in the areas of defence, railways, infrastructure, space, power, manufacturing, etc. The company supplied steel to projects, including Statue of Unity (tallest statue in the world), Bogibeel Bridge (longest rail-cum-road bridge in India), Kishanganga and Tuirial hydro projects, Eastern and Western Peripheral Expressways in FY'19, giving a fillip to India's growth story under the ambit of National Steel Policy 2017 as well as 'Make in India' movement."

'New grades of steel produced in FY19'

He further added, "During FY19, SAIL produced new grades of steel like Quenched & Tempered Plates (SAIL WR 400, ASTM 517 F, S690 QL), High Tensile Parallel Flanged Beams, Medium Carbon Wire Rods (HC 52B, SAE 15B21)." These grades were supplied for the first time to meet various requirements in the construction and infrastructure sector, SAIL said in a press release. SAIL also supplied steel for various defence projects including indigenously built Anti-Submarine Warfare (ASW), Stealth Corvette INS-Kiltan and the first indigenous artillery gun 'Dhanush' of the Indian Army, it added.

'FY19 has been year of turnaround'

Chaudhary said that financial year 2018-19 has been a turnaround year for SAIL. He said, "SAIL earned a Profit after Tax (PAT) on a standalone basis at Rs 2,179 crores in FY'19 as against a loss of Rs 482 crore in FY'18. On a consolidated basis, the PAT stood at Rs 2,349 crores for FY'19 as against a loss of Rs 281 crore in FY'18. The change in fortune has been a result of determined efforts and strategic initiatives taken by the company which helped to improve the EBITDA in FY'19 to Rs 10,283 crores, almost double of the performance of Rs 5,184 crore in FY'18." In the AGM, SAIL declared a dividend of 5 percent for the financial year 2018-19.