SAIL declares Q1 results for 2022-23, posts more than 16% growth in revenue from operations over CPLY
Steel Authority of India Limited (SAIL) posted its
financial performance for the first quarter of the current financial year 2022-23
(Q1 FY 23). The company saw a growth of 16.4% in its revenue from operations in
Q1 FY23 over corresponding period last year. SAIL also recorded the best ever
Q1 production.
Performance of Q1 FY
23 at a glance:
|
Unit |
Q1 22-23 |
Q1 21-22 |
Crude Steel
Production |
Million Tonne |
4.33 |
3.77 |
Sales Volume |
Million Tonne |
3.15 |
3.33 |
Revenue from
Operations |
Rs. Crore |
24029 |
20642 |
Earnings Before
Interest, Tax, Depreciation and Amortisation (EBITDA) |
Rs. Crore |
2606 |
6674 |
Profit Before Tax
(PBT) |
Rs. Crore |
1038 |
5145 |
Profit After Tax
(PAT) |
Rs. Crore |
776 |
3850 |
The first quarter of FY’23 saw twin challenges of higher
input costs and subdued market demand, both global and domestic, impacting the
performance of the company. High cost of production due to increase in imported
coking coal prices had an impact on the bottom-line of the company. The decline in
global demand and prices for steel had a direct bearing on the domestic market
and price realisation. Since peaking in April’22, the prices for steel have
continuously remained under pressure during the quarter.
The
Company, however, said that the construction and infrastructure projects have
gained momentum which will boost the demand for steel products. The company is
confident of improved performances in the second half of the current financial
year with significant reduction in prices of imported coal and uptick in demand.