India’s state-run steelmaker Steel Authority of India Limited (SAIL) has reported a net profit of INR 38,970 million ($526 million) for the first quarter (April-June) of the fiscal year 2021-22, compared to a net loss of INR 12.26 billion ($166 million) in the corresponding period of the previous fiscal year, a company statement said on Monday, August 9.
However, it may be noted that in the fourth quarter (January-March) of FY 2020-21, SAIL had reported a net profit of INR 34.7 billion ($469 million).
“Though the demand for steel products in the first quarter of 2021-22 has not had the same momentum as during the last quarter of the last fiscal, our focused interventions in several areas of operations have helped in achieving this robust performance,” said Soma Mondal, chairman of SAIL.
Net margins for the quarter ended June this year stood at 19.05 percent compared to -13.53 percent in the quarter ended June 2020 and 14.90 percent in the quarter ended March 2021, the company said.