Medilytix Bureau:

Steel Authority of India Limited (SAIL), under the Ministry of Steel declared the financial results giving the company’s performance during Q3 and 9M of the Financial Year 2021-22 (FY’22), here yesterday.

Key Highlights of SAIL’s performance during Q3 FY’22 and 9M FY’22
Best ever Q3 and 9M production of hot metal, crude steel and saleable steel.
Net profit grows by 12% in Q3FY22 over CPLY. Net profit grows to Rs. 9597 Crore during 9M FY’22 vis-à-vis Rs 406 Crore during CPLY
Revenue from operations grows by 28% at Rs 25,245 Crore in Q3 FY’22 and 59% at Rs 72,715 Crore in 9M FY’22 over CPLY
Borrowings stood at Rs 19,128 Crore as on 31.12.2021

The company has delivered one of its best physical performances during the quarter as well as nine months ending 31st Dec, 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. 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% over Q2.

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