In the corresponding quarter last year, the company posted a net profit of Rs 1,468.2 crore. CNBC-TV18 Polls had predicted a profit of Rs 2,246 crore for the quarter under review.
Steel Authority of India Ltd (SAIL), the country's largest steelmaker, on Wednesday reported a 3.8 percent year-on-year (YoY) increase in consolidated net profit at Rs 1,525.5 crore for the third quarter ended December 31, 2021.
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In the corresponding quarter last year, the company posted a net profit of Rs 1,468.2 crore. CNBC-TV18 Polls had predicted a profit of Rs 2,246 crore for the quarter under review. Total revenue for the quarter rose 27.3 percent YoY to Rs 25,246.9 crore from Rs 19,835.7 crore in the year-ago quarter.
At the operating level, EBITDA jumped 33 percent to Rs 3,401.8 crore in Q3 FY22 over Rs 5,080.3 crore in Q3 FY21. EBITDA margin stood at 13.4 percent in Q3 FY22 as compared to 25.6 percent in Q3FY21. EBITDA is earnings before interest, tax, depreciation and amortization.
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In a statement, the company said it has delivered one of its best physical performances during the quarter as well as nine months ended December 31, 2021. "However, the same is not reflected in the financial performance of Q3 FY'22 due to various factors beyond the control of the company which primarily include an unprecedented increase in the prices of imported and indigenous coking coal," it said.
With the overall positive outlook in the economy and the announcements in the Union Budget for increasing the infrastructure spending, the performance is likely to improve in the coming quarters, it added. The company's focus remains to lower its borrowings and this is reflected in the reduction of about 15 percent over Q2, it added.
The saleable steel production in the third quarter was 4.365 million tonnes (MT), compared to 4.153 MT in the corresponding quarter of the previous fiscal. While the crude steel production during the quarter was at 4.531 MT, hot metal production stood at 4.886 MT.
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The company added it has achieved the "best ever Q3 and 9M production of hot metal, crude steel and saleable steel." Its borrowings stood at Rs 19,128 crore as of December 31, 2021.
The results came after the close of the market hours. Shares of SAIL ended at Rs 103.60, up by Rs 1.75, or 1.72 percent on the BSE.
(Edited by : Jomy Jos Pullokaran)
First Published: IST