Indian state-owned steel producer Steel Authority of India Limited (SAIL) has announced its financial results for the first quarter of 2018-19, ended June 30.
Accordingly, in the first quarter, SAIL recorded a net profit of INR 5.4 billion ($78.7 million) compared to a net loss of INR 8 billion in the same quarter of the previous year. The company's net sales revenue amounted to INR 159.07 billion ($2.31 billion), up 22.5 percent year on year. SAIL’s EBITDA in the first quarter totaled INR 26.85 billion ($391.05 million), rising from an EBITDA of INR 227.1 million recorded in the same period of the financial year 2017-18, indicating an acceleration of the overall performance of the company through concerted efforts of the entire collective.
In the first quarter, SAIL’s finished steel sales increased by eight percent to 3.27 million mt, while its finished steel production rose by 13 percent to 3.61 million mt, both year on year.
Shri Saraswati Prasad, chairman of SAIL, stated that the operational performance of the company has recorded an improvement over the past many quarters and this trend is likely to continue. Meanwhile, SAIL has taken several new initiatives which will help it in improving its physical and financial performance.