SAIL rebounds; posts Rs 393-cr net in Q2

The Steel Authority of India Limited has declared the financial results for the second quarter of the current financial year 2020-21 (Q2 FY21) which reflects a strong performance.

During Q2 FY21, the company posted Profit Before Tax (PBT) of Rs 610.32 crore and Profit After Tax (PAT) of Rs 393.32 crore against loss of Rs 523.03 crore and Rs 342.84 crore respectively for PBT and PAT over the corresponding period last year (CPLY).

The profit achieved during the second quarter of FY21 reflects the resilience and robust performance by the company in a fast reviving economy and domestic market which had been battling the adverse impact of the COVID-19 pandemic during the initials month of the year, said a press release.

Signifying the pick-up in performance and activities, SAIL’s turnover in Q2FY21 also registered an improvement of more than 20 pc over CPLY and stood at Rs 16834.1 crore. The EBITDA of Q2FY21 registered a growth of 58.7 per cent over CPLY and stood at Rs 2098.09 crore.

Commenting on the performance of the company, Anil Kumar Chaudhary, Chairman, SAIL, said, “The year began with unforeseeable challenges, which had engulfed the entire world. It was a time to foster synergy and channelise all our energy and determination to surmount the obstacles and prove our mettle. SAIL Collective did this and the company registered profit in Q2 FY21 by braving all odds and exhibiting substantial growth in the operational performance.”