New Delhi, May 30, 2018: Steel Authority of India Ltd. (SAIL) announced its financial results for the fourth quarter of the Financial Year2017-18 (Q4 FY18) and for FY18. After returning to profits in Q3 FY18, the Company in Q4 FY18 recorded a Net Profit of Rs.816 Crore reaffirming SAIL’s positive performance. This comes after making a provision of Rs.582 Crore towards enhanced gratuity recently approved by Government of India. All the five integrated steel plants of the Company have also recorded individual profits in Q4 FY18. SAIL management’s sustained efforts for process integration starting from production till reaching the customers, the intensive marketing efforts along with ramping up of production and stabilization of new mills are all yielding results and a novel end-to-end approach with its new product offerings is helping the Company achieve a stronger position.
Company’s Net Turnover in Q4FY18 of Rs. 16,811 Crore saw an increase of 34% over CPLY. The Q4FY18 EBITDA at Rs.2,624Crore, a humongous growth over Q4 FY17, is highest in the last twenty-seven quarters. The EBITDA per tonne of sales for Q4 FY 18 is Rs.7020. The total sales volume in Q4 FY18 was 3.738 Million Tonnes (MT) which increased by 8.4% over CPLY.
Slimming the losses by around 83% in FY18, the Profit After Tax on standalone basis improved to Rs. (-) 482Crore from Rs. (-) 2,833 Crore in FY17. The consolidated profit after tax of the Company stood at Rs.(-) 281 Crore for FY18 as against Rs.(-) 2,756 in CPLY. The strategic and persistent approach to improve operational profitability assisted SAIL to stay EBIDTA positive in FY 18;recorded at Rs.5,184 Crore. The Company registered highest sales volume for the year in FY18 at 14.08 MT which is higher by 7.4% over CPLY.
SAIL’s performance on the production front recorded highest ever quarterly crude steel production of around 4.0 MT in Q4 FY18 with a growth of 6% over CPLY. In Q4 FY18, highest quarterly Comcast production of 3.406 MT with growth of 8% over CPLY was also recorded. In the same quarter, the best ever quarterly Coke Rate recorded a reduction of 3% over CPLY, BF productivity was higher by 4% over CPLY and Specific Energy Consumption improved to 6.38 Gcal/tcs, lower by 2% as compared to CPLY.
On this occasion, Chairman, SAIL, Shri PK Singh said that, the effect of synergised team work across SAIL, integration of every process and continual focus to service the customers with world class products is finally beginning to show. He added “SAIL, which has almost finished its modernization and expansion, is ready with an array of value added products which are tailored for today’s requirements. The domestic market is showing very good growth signs, which is backed up strongly by the Government’s initiative to enhance domestic steel consumption. The on-going and upcoming large infrastructure projects offer large scope for steel consumption.”Mr Singh also added that, new mills in SAIL are offering products for every segment and the new marketing initiatives of the Company are not only exploring new markets but also reaching out to people in far flung areas of the Country to raise awareness about steel usage. This will also help SAIL to actively contribute towards the targets envisaged in National Steel Policy. He further said, “SAIL’s array of new products will befit the demands of retail, rural as well as larger projects. The Company is poised to march ahead in the growth path and is enabled to explore the positive demand sentiments.”
Godrej Properties acquires 18-acre land parcel in Kandivali, Mumbai
Mumbai, December 2, 2022: Godrej Properties Ltd., one of India’s leading real estate developers, on Friday announced that it has,...
ICCPL wins PR company of the year award
New Delhi, November 30, 2022: NCR based PR firm, Integrated Centre for Consultancy Pvt. Ltd (ICCPL) has won REAL ESTATE...
75F launches Network Operations Centre
Bengaluru, December 1, 2022: Building management solutions provider, 75F, has launched its Network Operations Centre (NOC) — an initiative by...
BPTP Group organises Winter Carnival to showcase its Gurugram, Faridabad projects
Delhi NCR: BPTP Group showcased some of its developed residential projects, Astaire Gardens and District 1, located in Gurugram and...
Seek changes in the Act: HARERA Chairman
Gurugram, November 29, 2022: A day-long NAREDCO Haryana Real Estate Summit 2022 & Buyer-Seller Interface held on Tuesday at Gurgram...
Frame Model Code for Construction Activities: HSPCB Chairman
Gurugram, November 29, 2022: Chairman Haryana State Pollution Control Board (HSPCB), P Raghavendra Rao on Tuesday urged the National Real...
New Launches4 weeks ago
Akasa Coworking spaces leases space to three more companies at its Noida center
Report4 weeks ago
Retail leasing up 114% Y-o-Y, crossesing 3.4 mn sq.ft. in 9 months
Guest Column2 weeks ago
Grade A office spaces, SCOs, high-streets – Rise of Commercial RE post-pandemic
New Launches3 weeks ago
Ashiana launches last phase of Umang
Developers Speak3 weeks ago
Customers’ interest shifting from High-rise Buildings to Plotted Development
Developers Speak4 weeks ago
North Goa turning into a bustling ground for Concept Tourism after MOPA Airport
New Launches4 weeks ago
Gaurs announces mixed land use project
New Launches3 weeks ago
Euro Pratik launches new product, Cassa 4