Date of Post: Nov 03, 2018
SAIL posted a standalone profit of Rs 553.69 crore for the July-September quarter of 2018-19 driven by an impressive growth in income on friday. In the July-September period of the previous fiscal, the PSU had posted a standalone loss of Rs 539.06 crore. According to a regulatory filing by SAIL, the standalone income during the 2nd quarter increased by 23.1% to Rs 16,832.37 crore as compared to Rs 13,666.05 crore in the year-ago period.
- Total expenses increased to Rs 15,950.21 crore at the time of the September quarter from Rs 14,108.84 in the corresponding quarter of the previous fiscal.
- “Raising volumes, targeting to operate at rated capacities and focussing to meet the requirement of the railways in terms of rails and wheels and axles are our foremost priorities, along with upholding safety practices at the core,” Mr Anil Kumar Chaudhary, SAIL Chairman said.
- He said, “The domestic steel market is offering a positive platform and we must also de-risk our operations from any externalities by being prepared with volumes, value additions and quality products.”
- He added, SAIL is focusing to approach the market and customers with new products and sales force effectiveness will surely help catering the market requirements more adequately.
- SAIL said that Showing overall improvements including operational performance, the EBITDA for the 2nd quarter of Financial Year 2018-19 was at Rs 2,473.54 crore, a growth of 156% over the same period last year which was Rs 966.56 crore.
- It added that the numbers indicate a fast recovery in the company’s profitability, operational performance and a collective effort towards driving the full advantage of modernisation and expansion.
- It said, ramping up production from new units, achieving the production and techno-economic targets remain the top priority of the company.
- In the 2nd quarter of this fiscal, the company’s saleable steel production stood at 3.537 million tonnes.
- In the first half of the ongoing fiscal, the company’s saleable steel production was at 7.151 MT, registering an increase of 4.2% over the corresponding period of the last fiscal.
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