State-owned SAIL reported a near 12.5 per cent rise in standalone net profit to Rs 1,443 crore for the quarter ending December 31, 2021. The net profit stood at Rs 1,283 crore in the year-ago-period.
For the quarter under review, the company reported a 28 per cent growth, y-o-y, to Rs 25,245 crore. The revenue stood at Rs 19,832 crore.
Borrowings stood at Rs 19,128 crore for December 31, 2021, down 15 per cent sequentially.
For the nine month period, the net profit stood at Rs 9,597 crore and revenue from operations stood at Rs 72,715 crore.
The company in a statement said, it has delivered one of its best performances during the quarter as well as nine months (April-December).
The results were subdued “due to various factors beyond the control”, SAIL said, adding that some of the factors impacting numbers include “unprecedented increase in the prices of imported and indigenous coking coal”.
“With the overall positive outlook in the economy and the announcements in the Union Budget for increasing the infrastructure spending, the performance is likely to improve in the coming quarters. The company’s focus remains to lower its borrowings and this is reflected in the reduction of about 15 per cent over Q2FY22,” it further said in the statement.
For the quarter under review, SAIL’s hot metal production stood at 4.9 million tonne; its crude steel production was at 4.5 million tonne and the saleable steel production was at 4.4 million tonne.