New Delhi: Steel giant SAIL on Friday reported a 31 percent jump in consolidated net income to Rs 3,469.88 for the quarter ended March 31, 2021, largely driven by higher earnings. The company received Rs 2,647.52 million in net profit for the period from January to March 2019-20 fiscal year, Steel Authority of India Ltd (SAIL) said in a statement.
For the reporting quarter, the company’s total revenue rose to Rs 23,533.19 crores, up from Rs 16,574.71 crores a year earlier. The total expenditure was Rs 18,829.26, up from Rs 11,682.12 a year ago.
On a stand-alone basis, SAIL’s net profit rose to Rs 3,443.80, up from Rs 2,725.16 in the same period of 2019-20.
In January-March 2021, the company’s total revenue rose to Rs 23,606.06 crores, up from Rs 16,628.80 crores a year earlier.
His expenses amounted to Rs 18,831.16, up from Rs 11,675.87 in January-March 2020.
“The outbreak of the COVID-19 pandemic and the measures to contain it caused serious disruption and slowdown in economic activity, as a result of which the company’s operations had to be reduced during the first quarter of the fiscal year ended March 31, 2021,” he said. the filing says.
The documentation also noted that after the gradual normalization of economic activities, the company is operating normally.
“Given the positive economic environment seen across all sectors, management believes this trend is likely to continue in future periods, as well as the impact of COVID-19. If there is such a thing, it is unlikely to be significant, ”it was noted.
The board of directors also announced a final dividend of 1.80 per share at Rs 10 each, SAIL said.
In a separate statement to the media, SAIL said it produced 4.56 million tonnes (MT) for the quarter, up 6% from a year earlier, and sales jumped 11% to 4.42 MT.
In a statement, SAIL Chairman Soma Mondal said: “SAIL’s operational and financial performance has improved hand in hand over the year. In the second half (fiscal 2020-2021), steel demand rose amid recovery. economic actions. ”
Mondal also noted that “as the government also places great emphasis on infrastructure spending, we have focused on expanding the volume of market-oriented products along with operational efficiencies that have helped the company achieve tangible results.”