SAIL Reports Record Production, Trims Loss By 83 Per Cent In Move Towards Operational Profitability

The Chairman and Managing Director of Steel Authority of India Limited (SAIL) Saraswati Prasad in his address to the shareholders on the occasion of the company’s 46th Annual General Meeting (AGM) observed that a persistent strategic approach geared towards improving operational profitability had yielded rich dividends

The company has increased its Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) for Financial Year (FY) 18 to Rs. 5,184 crores which was a substantial jump from the figures recorded in FY 17.

As per reported figures, Sail trimmed down its losses by 83 per cent in FY to register a profit after tax (PAT) of Rs (-) 482 Crore from Rs (-) 2833 Crore in FY 17.

In a further boost to the company’s prospects, SAIL registered its highest ever production of Hot Metal, Crude Steel and Saleable Steel. Another all-time best performance was recorded in the production of Continuous-Cast Steel.

The Chairman and Managing Director also announced that the company had almost finished its modernisation and expansion program which could lead to further dividends in the coming days.

Finally, the Chairman cited a positive outlook for the sector’s future by observing that the growth in the country’s domestic steel consumption was also backed by a frenetic development in the infrastructure sector.