Sail’s net profit jumps 31% to ₹3,469.88 cr in March quarter
Steel giant Sail on Friday posted a 31% jump in its consolidated net profit at ₹3,469.88 crore for the quarter ended March 31, 2021, mainly on account of higher income.
The company had clocked ₹2,647.52 crore net profit during the January-march period of fiscal year 2019-20, Steel Authority of India Ltd (Sail) said in a regulatory filing.
During this quarter review, the firm’s total income rose to ₹23,533.19 crore, from ₹16,574.71 crore in the year-ago period. Total expenses were at ₹18,829.26 crore, as against ₹11,682.12 crore a year ago.
On a standalone basis, Sail’s net profit grew to ₹3,443.80 crore, from ₹2,725.16 crore in the same period of 2019-20.
In January-march 2021, total income of the company rose to ₹23,606.06 crore, from ₹16,628.80 crore in the year-ago period.
Its expenses were at ₹18,831.16 crore, as compared to ₹11,675.87 crore in Januarymarch 2020.
“The pandemic outbreak and measures to curtail it had caused disturbances and slowdown of economic activities, as a result of which the company’s operations had to be scaled down during; the first quarter of financial year ended March 31, 2021,” the filing said.
The filing further noted that following the gradual normalisation of economic activities, the company is operating at normal capacity.
“In view of the positive economic environment seen across sectors, the management is of the belief that the trend is likely to continue in subsequent periods as well as the impact of Covid-19. if any, is not likely to be material,” it noted.