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SAIL maintains profitability during FY’20 ; Earns more than 2000 Crore net profit

Jul 10th, 2020 7:59 pm | By | Category: LATEST NEWS

New Delhi, July 10, 2020: Steel Authority of India Limited (SAIL) announced its financial results for the FY 2019-20 (FY’20). SAIL has earned a Profit Before Tax (PBT) of Rs 3170.66 Crore leading to Profit After Tax (PAT) of Rs 2021.54 Crore in FY’20. This profit has been earned in spite of the challenging market conditions including the onset of Corona virus pandemic. In FY’20, the Company made a turnover of Rs 61024.88 Crore and its EBITDA per tonne of Saleable Steel improved from Rs 7284 in FY’19 to Rs 7869 FY’20. The Company’s EBITDA/Turnover figure stood at 18.35% in FY’20 in comparison to a figure of 15.52% CPLY. Along with this, SAIL also achieved the best ever 14.23 Million Tonnes (MT) annual sales during FY’20. The Company’s strategies to increase market reach led SAIL to export 1.18 MT in FY’20, making it the highest ever exports with 54% growth over CPLY.

SAIL re-emerged as the largest domestic crude steel producing Company during FY’20. It produced 16.15 MT of crude steel in FY’20. The Company produced 15.083 MT of salebale steel during FY’20 which is the best ever figure so far. In FY’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. Efficient plant operations led to improvement in the techo-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’20 compared to 1.65 Tonnes/cubic metre/day in FY’19. SAIL is committed to ramp up its production and stabilize the new and modernized units in all its Plants.

Anil Kumar Chaudhary, Chairman, SAIL 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”.

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