SAIL posts Rs 1,468-cr net profit in December quarter

SAIL posts Rs 1,468-cr net profit in December quarter

Representative image. Credit: iStock.

State-owned steel maker SAIL has reported a consolidated net profit of Rs 1,468 crore in the quarter to December 2020, mainly on account of higher income.

The company had a net loss of Rs 343.57 crore during the same quarter a year ago, the Steel Authority of India Ltd (SAIL) said in a BSE filing late night on Friday.

During October-December, the company's total income jumped to Rs 19,997.31 crore from Rs 16,714.87 crore in the year-ago period.

Its total expenses stood at Rs 16,406.81 crore, compared to Rs 17,312.64 crore a year ago.

In a statement, SAIL said it produced 4.37 million tonnes (MT) crude steel, registering a growth of 9 per cent over the corresponding period last year.

During the quarter under review, the company produced 4.15 MT of saleable steel, a rise of 6 per cent.

SAIL Chairman Soma Mondal said, "SAIL has shown overall improvement during the current financial year despite all the challenges. With the focus on seizing opportunities, the company has geared up to service the rising steel demand in the market as soon as the gradual opening of lockdown started."

SAIL, under the Ministry of Steel, is the country's largest steel maker having an installed capacity of about 21 million tonnes per annum.