SAIL bounces back into black with FY19 profit of `2,179 crore
New Delhi: Steel Authority of India Limited (SAIL) has staged an impressive turnaround by clocking a net profit during the Financial Year 2018-19 after 3 consecutive years of losses. Declaring its annual results on Thursday, the company posted a net profit (Profit After Tax) of Rs. 2178.82 crore in FY 2018-19 (FY19) as against a net loss of Rs 481.71 crore in FY 2017-18. During the financial year 2018-19, intensive efforts on improving physical performance throughout the year in tandem with the market conditions made it possible to achieve higher volumes, improve the product-mix and increase the share of value-added steel.
Anil Kumar Chaudhary, Chairman, SAIL, dedicated the turnaround to organisational synergy and team work. He said, "The entire SAIL collective worked in mission mode to achieve this turnaround. Together we have done it and it has strengthened our resolve to perform better in coming times. We all are committed to put SAIL into a higher orbit of performance. The performance during the last year gives us confidence to aim higher and we shall put in even greater efforts to ramp-up production from our sophisticated mills while focusing on augmenting production of special & valued added steels and niche products."
SAIL's operating margin grew by more than 100 per cent in FY19 over CPLY indicating an overall improvement in the performance. The production from new mills of SAIL plants has recorded marked improvement in FY19, giving an enriched product basket. A dedicated logistics set-up has been created by the Company to smoothly handle the increased despatches from higher level of production. In FY19, SAIL had the highest ever production of 9.85 lakh tonnes of UTS-90 Rail.
In Q4 FY19, SAIL posted a net profit of Rs. 468 crore. During this period, the EBITDA stood at Rs. 2461 crore and the turnover was Rs. 18,323 crore, a growth of 9 per cent over CPLY. The Q4 FY19 recorded growth of 10 per cent, 8 per cent and 14 per cent in respect of production of hot metal, crude steel, and saleable steel respectively while sales grew at 13 per cent.
