SAIL reports Rs 553-cr profit in Q2 FY19

State-run Steel Authority of India (SAIL) announced a profit (Profit after Tax – PAT) of Rs 553.69 crore during the second quarter of this financial year (Q2 FY19). During the corresponding period over last year, the company had posted a loss (after tax) of Rs 539.06 crore. Over the previous quarter in Q1 FY19, the Company’s profit rose 2.5 per cent in Q2 FY19. The turnover in Q2 FY19 was Rs 16,541 crore, a 23 per cent rise over CPLY and 5 per cent rise over the Q1 FY19. Showing overall improvements including operational performance, the EBITDA for Q2 FY19 stood at Rs 2,473.54 crore. It improved 156 per cent over CPLY which was Rs 966.56 crore. The numbers indicate a fast recovery in the Company’s profitability, operational performance and a collective effort towards driving the full advantage of modernisation and expansion.

SAIL, Chairman, Anil Kumar Chaudhary said that raising volumes, targeting to operate at rated capacities and focussing to meet the requirement of the Railways in terms of rails and wheels & axles are the foremost priorities, along with upholding safety practices at the core. The domestic steel market is offering a positive platform, he added. Besides, he added the employees of SAIL must also de-risk their operations from any externalities by being prepared with volumes, value additions and quality products.