Steel Authority of India Ltd (SAIL) clocked its best ever quarterly sales at 4.27 million tonnes (MT) during the March quarter of the last fiscal year, up 14 per cent over the year-ago period.
The domestic steel giant’s crude steel production too increased by 6 per cent during the quarter to 4.55 MT.
“(SAIL), the Maharatna PSU, has recorded its best ever quarterly performance in both production and sales during Q4 FY’21,” the company said in a statement.
The company had clocked 3.74 MT sales and 4.31 MT crude steel output during the January-March quarter of the fiscal 2019-20.
About annual figures, the company said despite the volatility in the market during the year, the determined efforts by the company to improve its volumes saw it clock its best ever annual sales at 14.87 MT, a growth of 4.4 per cent over 14.23 MT during FY’20,” the company said.
SAIL chief Soma Mondal said, “After the difficult market conditions during the initial months of the financial year, the company adopted focussed approach on improving its volumes, improving operational efficiencies, operating the facilities at optimum levels, de-leveraging its balance sheet, reducing its inventory levels, etc. The multi-pronged strategy has helped us top the performances during the month, quarter as well as the year.”
The team effort by SAIL employees helped in seizing the opportunity offered by the pick-up in the economic activities in the country especially the steel intensive sectors like infrastructure, construction, automobiles, etc, she added.
In line with its focus on reducing the borrowings, the company has reduced its gross debts by around Rs 16,150 crore to stand at Rs 35,330 crore (provisional) as on March 31, 2021 vis-a-vis Rs 51,481 crore as on March 31, 2020.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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