Sales volume up 49% y-o-y Steel Authority of India Ltd (SAIL) reported a consolidated net profit of ₹3,897 crore for the first quarter of FY22, as against a loss of ₹1,226 crore a year ago. The company had reported a net profit of ₹3,470 crore for the previous quarter.
The company recorded earnings before interest, taxes, depreciation and amortisation of ₹6,741 crore, as against an EBITDA loss of ₹70 crore in the previous year. The company’s EBITDA was at ₹6,526 crore in the previous quarter.
It recorded a revenue of ₹20,642 crore in the quarter to June, more than double from ₹9,067 crore in the year-ago period.
SAIL said that it brought down its gross debt by ₹5,063 crore during the quarter. The company’s total debt was at ₹35,330 crore as of March 31. The company’s total expenses during the quarter were ₹15,604 crore, as against ₹11,325 crore a year ago.
SAIL’s Bhilai steel plant reported a revenue of ₹5,548 crore, being the biggest contributor of around 24 percent of the company’s total revenue.
“The demand in the later part of the year is expected to remain healthy with sustained domestic consumption coming from sectors like infrastructure, manufacturing, packaging, automotive, etc. as indicated from the present consumption cycle and future sectoral trends,” Soma Mondal, chairman, SAIL, said.
Domestic prices reported a decline in flat and long products in July. The quantum was more for longs as compared to flats due to a slowdown in demand. However, demand is expected to pick up from September onwards but whether that will be accompanied by price rise or not is uncertain.
Benefiting from high prices
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Steel's Net Zero mission
The country’s commitment to achieving Net Zero within a targeted timeframe will now propel its steel sector towards a sustainable future in line with global trends.
Fuel Price Hike, Supply Chain Disruption Hurt Festive Sales
Supply chain disruptions and fuel price hikes have hurt festive sales in a big way as most auto majors posted decline in sales in October.
Seaborne coking coal offers remain range-bound
Seaborne coking coal offers moved in a narrow range in October amid global supply tightness and healthy spot demand.
Global crude steel output down 8% in September
China manufactured 74 mt in September, fall of 21% y-o-y while India’s production went up by 7% to 10 mt.
MOIL embarks on expansion projects
“Even though our country is blessed with manganese ore reserves, we import 50% of the domestic requirement. We have to lower our import dependence and save precious foreign exchange.” Ram Chandra Prasad Singh, Steel Minister
Iron ore handled by major ports down 17% in H1
The 12 major Indian ports handled 27 mt of iron-ore during H1 of 2021, down by 17% from 33 mt recorded for the corresponding period of previous year.
Shrinking China output to boost India exports
“In the third quarter of 2021, the company actively responded to the pressure from external policies, such as production curtailment and dual control system on energy consumption and intensity, as well as coal resource shortage and surging prices.” Baoshan Iron and Steel Co Ltd
Indian Railways' iron-ore handling up 25% in H1
Indian Railways in April-September of 2021 (H1) transported 84 mt of iron ore, up by 25% over 67 mt during April-September 2020.
September crude steel production up 7.2% y-o-y
India’s crude steel production in September 2021 grew 7.2 percent to 9.547 million tons (mt) over September 2020 but was down by 3.2 percent from August 2021 output, provisional steel ministry data showed.
“Five enablers: way forward to sustainable cleaner steel”
Right and scalable technology, appropriate policy guidance by government, access to finance to fund transition, willingness of customers to pay for cleaner products and infrastructure for use of new technologies are the need of the hour for the sustainable and cleaner steel industry, according to Madhulika Sharma, Chief Corporate Sustainability, Tata Steel.
