Indian state-owned steel producer Steel Authority of India Limited (SAIL) has announced its financial results for the fourth quarter and the full financial year of 2017-18, ended March 31.
Accordingly, in the fourth quarter, SAIL recorded a net profit of INR 8.15 billion ($120.81 million) compared to a net loss of INR 7.71 billion in the same quarter of the previous year. The company's net sales revenue amounted to INR 168.11 billion ($2.48 billion), up 34 percent year on year.
Meanwhile, in the full financial year, the company registered a net loss of INR 4.81 billion ($71.35 million) compared to a net loss of INR 28.33 billion in the previous financial year. In the given year, SAIL’s net sales revenue increased by 29.6 percent year on year to INR 568.93 billion ($8.42 billion).
In the fourth quarter, SAIL recorded its highest-ever quarterly crude steel production of around four million mt, rising by six percent, while in the full financial year the company produced 15.02 million mt of crude steel, up 3.6 percent, both on year-on-year basis.
Shri PK Singh, chairman of the company, stated that SAIL has almost finished its modernization and expansion and is ready with an array of value-added products which are tailored for today’s requirements. According to Mr. Singh, the domestic market is showing very good growth signs, which are backed up strongly by the Indian government’s initiative to enhance domestic steel consumption and he added that ongoing and upcoming large infrastructure projects offer large scope for steel consumption.