SAIL’s consolidated net profit increases by 12% in Q3 FY22

The Steel Authority of India Limited (SAIL) consolidated net profit increased by 12% in Q3 FY22 against the corresponding period last year. However, net profit has increased to Rs 9,597 crore during nine month (9M) of FY22, compared to Rs 406 crore during corresponding period last year. The Steel Authority of India Limited (SAIL), under the Ministry of Steel, had declared the financial results of the company’s performance during the third quarter (Q3) and 9-month (9M) of FY 21-22. As per the results, SAIL witnessed the highest production of hot metal, crude steel and saleable steel during Q3 and 9M. Its revenue from operations had risen by 28% at Rs 25,245 crore in Q3 FY22 and 59% at Rs 72,715 crore in 9M FY22 over corresponding period last year. SAIL has delivered one of its best physical performances during Q3 and 9M, which ended on 31 December 2021. However, the same result fails to reflect in its financial performance of Q3 FY22 due to various factors besides the control of the company, which include a remarkable rise in the prices of indigenous and imported coking coal. With a positive outlook on the economy and the announcements made in The Budget 2022 for increasing infrastructure investments, the performance is expected to improve in the coming quarters. The borrowings stood at Rs 19,128 crore. It aims at lowering its borrowings and is reflected in the reduction of about 15% over the second quarter (Q2). Image Source Also read: SAIL, CPSE supplied 48,200 tonnes of steel for Purvanchal Expressway