New Delhi: The Steel Authority of India Limited (SAIL) has recorded its best ever quarterly performance in both production and sales during the last quarter of 2020-21 financial year.
In crude steel, the Maharatna PSU achieved production of 4.55 million tonne (MT) in Q4 of 2020-21 up by 6% over 4.31 MT in Q4 of 2019-20. The company also achieved steel sales of 4.27 MT in Q4 2020-21 up by 14% over 3.74 MT in same period last year.
Despite the volatility in the market during the year, the company improved its volume with best ever annual sales at 14.87 MT, a growth of 4.4% over 14.23 MT during FY’20.
Commenting on the performance, Soma Mondal, Chairman, SAIL said, “After the difficult market conditions during the initial months of the financial year, the company adopted focused approach on improving its volumes, improving operational efficiencies, operating the facilities at optimum levels, deleveraging its balance sheet, reducing its inventory levels, etc. The multi-pronged strategy has helped us top the performances during the month, quarter as well as the year.”
In line with its focus on reducing the borrowings, the company has reduced its gross debts by around Rs 16,150 crore to stand at Rs 35,330 crore (provisional) as on March 31, 2021 against Rs 5,1481 crore as on March 31, 2020.
