SAIL reports net profit of Rs 2,021.54 crore in FY’20

New Delhi: (Steel PSU News) Maharatna steel giant Steel Authority of India Limited (SAIL) announced its financial results for the Financial Year 2019-20 (FY'2019-20) on Friday. The company said, "During the year SAIL has earned a profit before tax (PBT) of Rs 3,170.66 crore leading to profit after tax (PAT) of Rs 2,021.54 crore. This profit has been earned in-spite of the challenging market conditions including the onset of Coronavirus pandemic."

During the FY'2019-20, the company made a turnover of Rs 61,024.88 crore and its EBITDA per tonne of saleable steel improved from Rs 7,284 in FY'2018-19 to Rs 7869 in FY'2019-20. The company's EBITDA/Turnover figure stood at 18.35 percent in FY'2019-20 in comparison to a figure of 15.52 percent CPLY (corresponding period last year). Along with this, SAIL also achieved the best ever 14.23 million tonnes (MT) annual sales during FY'2019-20. The company's strategies to increase market reach led SAIL to export 1.18 MT in FY'2019-20, making it the highest ever exports with 54 percent growth over CPLY.

SAIL re-emerged as the largest domestic crude steel producing company during the FY'2019-20 and produced 16.15 MT of crude steel. The company produced 15.083 MT of saleable steel during the year which is the best ever figure so far. In FY'2019-20 it also emerged as the largest miner for steel making input materials by mining a total of 32.406 MT of iron ore, fluxes (limestone and dolomite), coking coal and non-coking coal. The efficient plant operations led to the improvement in the techno-economic parameters also. SAIL registered the best ever annual Specific Energy Consumption of 6.47 GCal/Tonne of crude steel (TCS) as against 6.50 GCal/TCS achieved in the previous year. The blast furnace productivity was the highest ever at 1.80 Tonnes/cubic metre/day during FY'2019-20 compared to 1.65 Tonnes/cubic metre/day in FY'2018-19. SAIL is committed to ramp up its production and stabilize the new and modernized units in all its Plants.

Commenting on this SAIL's Chairman Anil Kumar Chaudhary said "SAIL has continued to earn profit consecutively for two years despite the challenging times. The government's supportive policies have played a pivotal role in maintaining the profitability of the company. The company is continually striving to improve its performance by increasing sales, share of value-added & special steels and new products and aggressive cost optimization on a continual basis. The government's focus on 'Atmanirbhar Bharat' and 'Vocal for Local' will aid in boosting domestic steel consumption. SAIL is already scaling up its production in tandem with the improving market demand and is committed to continuously enhance its performance".

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)