Steel Authority of India Ltd (SAIL) has turned profitable after 10 quarters, signalling a turnaround in the sector as well.
According to the company, “This marks an evident step in the turnaround of the company which continually thwarted challenges and has steadily moved towards profitability”.
The company reported a net profit of ₹ 43.16 crore for the third quarter of the financial year 2017-2018. SAIL incurred a net loss of ₹ 794.84 crore in the corresponding quarter of the last financial year.
The company said that it has been maintaining a strong and EBIDTA positive performance for seven consecutive quarters. During the quarter under consideration, the company registered an EBITDA of ₹ 1,571 crore. This is a ‘phenomenal jump’ as against EBITDA of ₹35 crore during the corresponding period of last year, the statement said.