SAIL's Q3 net profit rises 12.5% to ₹1,443 crore
Premium- Revenue from operations of the company increased 28% on a year-on-year to ₹25,245 crore during the period under review
New Delhi: State-run Steel Authority of India Ltd (SAIL) has reported a 12.47% increase in its net profit to ₹1,443 crore.
During the same period last fiscal, the company had reported a net profit of ₹1,283 crore.
Revenue from operations of the company increased 28% on a year-on-year to ₹25,245 crore during the period under review.
For the nine-month ending December, the steel major witnessed a multifold rise in its profit to ₹9,597 crore, up from ₹406 crore in April-December FY21.
"The company has delivered one of its best physical performances during the quarter as well as nine months ending 31st December, 2021. However, the same is not reflected in the financial performance of Q3 FY’22 due to various factors beyond the control of the company which primarily include unprecedented increase in the prices of imported and indigenous coking coal," said a company statement.
It said that 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.
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The company’s focus remains on lowering its borrowings and this is reflected in the reduction of about 15% over Q2. As of December 31, 2021, its borrowings stood at ₹19,128 crore.
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