The Steel Major PSU posts a 398% profit growth for Q3
Steel Major Public Sector Undertaking (PSU) Steel Authority of India Limited (SAIL) has reported a consolidated net profit of Rs 1,468 crore for the third quarter ended December 2020, mainly on account of higher income.
The company had clocked a net loss of Rs 343.57 crore during the same quarter a year ago, Steel Authority of India Ltd (SAIL) said in a BSE filing.
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.
Soma Mondal, Chairman, SAIL, commented, "The worst is behind us. 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. It has always been SAIL's strategy to operate in sync with the market situation. As we look ahead, we are confident of improving the performance further in the remaining period of the financial year."
SAIL, a PSU under the ministry of steel, is the country's largest steel maker having an installed capacity of about 21 million tonne per annum (MTPA).