Steel Authority of India (Sail) gained 2.16% to Rs 37.75 after consolidated net profit surged 382.9% to Rs 2,647.52 crore on 12.5% decline in net sales to Rs 16,171.83 crore in Q4 March 2020 over Q4 March 2019.
The result was announced after market hours on Friday, 10 July 2020.
In FY20, Sail made a turnover of Rs 61,024.88 crore. EBITDA per tonne of saleable steel improved to Rs 7,869 from Rs 7,284 in FY19. The company's EBITDA/turnover figure stood at 18.35% compared to 15.52%. Sail also achieved its best ever 14.23 million tonnes (MT) annual sales during FY20.
Anil Kumar Chaudhary, Chairman, Sail, said that the government's supportive policies have played a pivotal role in maintaining the profitability of the company. The company is continually striving to improve its performance by increasing sales, share of value-added & special steels and new products and aggressive cost optimization on a continual basis.
Sail is engaged in the manufacturing of flat products, such as hot rolled (HR) coils, HR plates, cold rolled (CR) coils, pipes and electric sheets, and long products, such as thermo mechanically treated (TMT) bars and wire rods. The Government of India held 75% stake in the company as on 31 March 2020.
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