Improved performance of SAIL based on operational betterment: Chairman
KOLKATA: Steel Authority of India Limited (SAIL) chairman Anil Kumar Chaudhary has said fiscal 2018-19 has been a turnaround year for the company with an improvement in earnings before interest tax depreciation and amortisation (EBITDA) in FY19 to Rs 10,283 crore, almost double that of Rs 5,184 crore in FY18 due to a string of strategic initiatives. SAILNSE -0.32 per cent earned a profit after tax (PAT) on standalone basis at Rs 2,179 crore in FY19 as against loss of Rs 482 crore in the previous year FY18, while its consolidated PAT stood at Rs 2,349 crore for FY19 as against a loss of Rs 281 crore in FY18.
Speaking at the company's annual general meeting Chaudhary said its improved financial performance was based upon betterment in operational areas. These include increase in Saleable Steel production (7 per cent); Growth in sales turnover at Rs 66,267 crore, 16 per cent over the previous year; Improvement in operational efficiencies resulting from higher production through concast route which grew by 8 per cent over FY18; Improved product-mix; Reduction in Coke Rate (which improved 3 per cent in H2 over H1 of FY19).
On this occasion, Chaudhary also said that "SAIL has associated itself with every major national infrastructure project of the country in the areas of defence, railways, infrastructure, space, power, manufacturing, etc. The company supplied steel to projects including Statue of Unity (tallest statue in the World), Bogibeel Bridge (longest rail-cum-road bridge in India), Kishanganga and Tuirial Hydro Projects, Eastern and Western Peripheral Expressways in FY19 giving a fillip to India's growth story under the ambit of National Steel Policy 2017 as well as 'Make in India' movement."
He further added that, "During FY19, SAIL produced new grades of steel like Quenched & Tempered Plates (SAIL WR 400, ASTM 517 F, S690 QL), High Tensile Parallel Flanged Beams, Medium Carbon Wire Rods (HC 52B,SAE 15B21)."
In the AGM, SAIL declared a dividend of 5 per cent for the financial year 2018-19, after a gap of three years.
