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SAIL posts over 90% growth in net profit in FY'21

In FY 2020-21, Steel Authority of India (SAIL) has posted a net profit of Rs 3,850 crore which indicates over 90 percent growth from Rs 2,022 crore in FY-2019-20

SAIL posts over 90% growth in net profit in FY'21
SAIL posts over 90% growth in net profit in FY'21

New Delhi: Steel Authority of India Limited (SAIL) has announced its annual as well as fourth quarter (Q4) performance for the financial year FY 2020-21 on June 10. During the period, SAIL has exhibited strong performance in all parameters in FY21 despite the unprecedented challenges posed by the COVID-19 pandemic. During FY 2020-21, SAIL has reported more 90 percent growth in net profit (PAT) of Rs 3,850 crore, compared to Rs 2,022 crore in the previous financial year (FY’20).

SAIL’s total earnings for FY 2020-21 stood at Rs 13,740 crore, up by 22.8 percent as compared to Rs 11,184 in FY 2019-20. The company has clocked best-ever annual sales at 14.94 MT; with a growth of 5 percent over the corresponding year (FY'20). The company’s borrowings have also decreased by Rs 16,131 crore to Rs 35,350 crore (as on March 31, 2021) during FY 2020-21. The total turnover of the company in FY 2020-21 has also gone up by 12.2 percent to Rs 68,452 against Rs 61,025 in FY 2019-20.

SAIL performance highlights for Q4 FY 2020-21

During the fourth quarter (Q4) of FY 2020-21, SAIL reported more than 26 percent growth in the net profit (PAT) of Rs 3,444 crore against Rs 2,725 crore reported in FY 2019-20. The company achieved the highest ever quarterly hot metal, crude steel and saleable steel production of 4.98 MT, 4.56 MT and 4.42 MT respectively during Q4 FY21; registering an 8 percent, 6 percent and 11 percent growth in these categories over the corresponding period of last year (CPLY). 

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Championing both financial and social responsibilities

While commenting on the company’s performance during FY21, SAIL’s Chairperson Soma Mondal said, “The production performance and financial performance of the company have improved hand-in-hand during the year. ‘Team-SAIL’ worked committedly notwithstanding severe and unforeseen challenges posed by the pandemic of COVID-19, especially during the first half". Commenting on the rise of demand in the second half of the FY'21 she said "the second half saw buoyancy in steel demand on the back of recovering economic activities. With the government also putting thrust on infrastructure spending, we focused on scaling up market-driven products along with improvement in operational efficiency, which helped the company deliver a noteworthy performance".

“As the country is braving the second wave of COVID-19, we are doing every bit to face the challenges and maintain the momentum. Our priority remains to increase volumes, with emphasis on enhancing the share of value-added products, in tandem with market requirements while continuously bringing in systemic improvements across the organisation” SAIL CMD added.

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