With record annual sales, SAIL reduces gross debts by Rs.16,150 Crore
Biznextindia : Despite a volatile market scenario throughout the year, Public sector Steel giant Steel Authority of India Limited (SAIL) has recorded highest ever annual sales of 14.87 Million Tonnes (MT), a growth of 4.4% over 14.23 MT during FY’20.
With this commendable performance, the company has reduced its gross debts by around Rs.16150 crore to stand at Rs.35330 crore (provisional) as on 31st March 2021 as against Rs.51481 crore as on 31st March 2020.
In the fourth quarter, the Maharatna PSU has reported highest ever quarterly production of 4.55 MT, up 6 per cent against 4.31 MT in corresponding quarter of FY20. Sales in Q4 also grew by 14 per cent to 4.27 MT, as against 3.74 MT in Q4 FY20.
SAIL’s Bhilai Steel Plant has recorded highest ever hot metal production of 5,19,819 tonne in March’21, while total saleable steel output was 4.52 lakh tonnes.
“After the difficult market conditions during the initial months of the financial year, the Company adopted focussed approach on improving its volumes, improving operational efficiencies, operating the facilities at optimum levels, deleveraging its balance sheet, reducing its inventory levels, etc. The multipronged strategy has helped us top the performances during the month, quarter as well as the year. The team effort by the SAIL employees helped in seizing the opportunity offered by the pick-up in the economic activities in the country especially the steel intensive ·sectors like infrastructure, construction, automobiles, etc” SAIL chairman Soma Mondal, Chairman said.