The company had reported a net profit of Rs 3,470 crore for the previous quarter.
“Though the demand for steel products in the quarter has not had the same momentum as during Q4 of FY’21, focused interventions in several areas of operations have helped in achieving this robust performance,” said Soma Mondal, chairman, SAIL.
The company recorded earnings before interest, taxes, depreciation and amortisation of Rs 6,741 crore, as against an Ebitda loss of Rs 70 crore in the previous year. The company’s Ebitda was at Rs 6,526 crore in the previous quarter. It recorded a revenue of Rs 20,642 crore in the quarter to June, more than double from Rs 9,067 crore in the year-ago period.
SAIL said that it brought down its gross debt by Rs 5,063 crore during the quarter. The company’s total debt was at Rs 35,330 crore as of March 31.
The company’s total expenses during the quarter were Rs 15,604 crore, as against Rs 11,325 crore a year ago.
SAIL’s Bhilai steel plant reported a revenue of Rs 5,548 crore, being the biggest contributor of around 24% of the company’s total revenue.
“The demand in the later part of the year is expected to remain healthy with sustained domestic consumption coming from sectors like infrastructure, manufacturing, packaging, automotive, etc. as indicated from the present consumption cycle and future sectoral trends,” said Mondal.
