Steel Authority of India Limited (SAIL) on Thursday said its net profit rose by 12 per cent to Rs 1443 crore in the third quarter of the current financial year when compared the corresponding period of previous year.
The government-run SAIL posted Rs 9,597 crore net profit for the first nine months of the current financial year as against Rs 406 crore recorded in the corresponding period of 2020-21.
The company's revenue from operations grows by 28 per cent to Rs 25,245 crore in Q3 of 2021-22. For the first nine months of the current financial year the company's revenue from operations stood at Rs 72,715 crore, registering year-on-year growth of 59 per cent.
"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," the Ministry of Steel said in a statement.
SAIL is a central public sector enterprise functioning under the Ministry of Steel.
"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 per cent over Q2," it said.
( With inputs from ANI )
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