Stocks News

Steel Authority of India Ltd reported Rs 1,468 crore net profit for Q3

Steel Authority of India Ltd or SAIL has recently reported its December 2020 quarterly results. The state-owned steel maker has reported Rs 1,468 core consolidated net profit majorly on account high income.

SAIL has however incurred a net loss of Rs 343.57 crore during the same quarter one year ago. The company reported this value in a BSE filing on Friday.

The company’s total income made a sudden jump at Rs 19,997.31 crore during the period of October – December 2020. This was a sudden increase from Rs 16,714.87 crore reported a year ago.

Meanwhile, the company’s total expense estimated around Rs 16,406.81 crore. It is lesser than the last year’s numbers. Previously, the company had total expense around Rs 17,312.64 crore per year.

SAIL also stated in a statement that it produced 4.37 million tonnes crude steel which registered a 9 percent growth in the last fiscal year 2020.

Also, on the production front, SAIL has produced 4.15 million tonnes of saleable steel during its quarter review. The company has reported a 6 percent rise in its production.

Steel Authority of India is India’s largest steel maker company which has capacity of producing 21 MT per annum.

On the contrary, the Chairman of SAIL Soma Mondal also quoted that the company had an overall improvement even in the pandemic.


Check all the recent news updates and share market updates


 

Get 90% Discount on Brokerage Now! Open Demat Account