SAIL Reports 4.4% YoY Increase in Sales in 2020-21
Indian state owned steel giant Steel Authority of India has recorded its best ever quarterly performance in both production and sales during Q4 of 2020-21.
Indian state owned steel giant Steel Authority of India has recorded its best ever quarterly performance in both production and sales during Q4 of 2020-21. The company achieved crude steel production of 4.55 million tonnes in Q4 of 2020-21 up by 6% YoY as compared to 4.31 million tonnes in Q4 of 2019-20 and up by 4% QoQ as compared to 4.37 million tonnes in Q3 of 2020-21. The company also achieved steel sales of 4.27 million tonnes in Q4 of 2020-21 up by 14% YoY as compared to 3.74 million tonnes in Q4 of 2019-20 and up by 3% QoQ as compared to 4.15 million tonnes in Q3 of 2020-21. By adding Q4 numbers of crude steel production & sales of 10.60 million tonnes & 10.76 million tonnes announced for April-December 2020, following picture emerges for full financial year 2020-21
Crude Steel - 15.15 million tonnes, down by 6.2% YoY
Total Sales - 15.03 million tonnes, up by 3.7%
But in the BSE release SAIL did not provide crude steel number for 2020-21 but said that it clocked its best ever annual sales at 14.87 million tonnes in 2020-21, up of 4.4% over 14.23 million tonnes in 2019-20
SAIL Chairperson Ms Soma Mondal said “After the difficult market conditions during the initial months of the financial year, the Company adopted focussed approach on improving its volumes, improving operational efficiencies, operating the facilities at optimum levels, deleveraging its balance sheet, reducing its inventory levels, etc. The multipronged strategy has helped us top the performances during the month, quarter as well as the year. The team effort by the SAIL employees helped in seizing die opportunity offered by the pick-up in the economic activities in the country especially the steel intensive sectors like infrastructure, construction, automobiles, etc.”
SAIL release added “In line with its focus on reducing the borrowings, the company has reduced its gross debts by around INR 16150 crore to stand at INR 35330 crore (provisional) as on 31st March 2021 vis-a-vis INR 51481 crore as on 31stt March 2020.”