PSU steel major, SAIL reported a nearly 30 per cent drop in profit after tax to ₹2,418 crore for the quarter ending March 31, 2022. The net profit in the year-ago-period stood at ₹3,444 crore.
The drop in profit came on account high input costs, especially rise in price of imported coking coal.
For the quarter under review, the company saw a 32 per cent rise in revenue to ₹30,758 crore. Revenue in the corresponding quarter last year was ₹23,286 crore. In volume terms, the company’s sales saw a nearly 9 per cent jump, y-o-y to 4.71 million tonnes (mt) versus 4.34 mt.
Crude steel production for the quarter stood at 4.60 mt.
“However, the fourth quarter could not be fully insulated from the unprecedented rise in input costs, especially the price rise of imported coking coal on account of various reasons. Notwithstanding the challenges, the company has taken several proactive steps to contain costs. Going forward, SAIL has plans to meet the twin challenges of higher input costs and market price volatility by undertaking various measures for continual improvement in its processes and products basket,” it said in a statement.
FY22 revenue highest ever
For the full fiscal, revenue from operations stood at ₹103,473 crore–its highest ever; while EBITDA stood at ₹22,364 crore. During the fiscal, net profit saw over 212 per cent increase, y-o-y, to ₹12,015 crore (₹3,850 crore).
For the year, the Board has recommended a dividend of ₹2.25 per equity share of face value ₹10 each.