Steel PSU Steel Authority of India (SAIL) is set to enter the next phase of expansion, the company’s chairperson, Soma Mondal, announced in its 49th annual general meeting (AGM).
SAIL has been taking regular initiatives to increase its presence in different areas by targeting defined market segments. Now, the steelmaker is ready to expand the Tier-2 and Tier-1 distribution network across the country to strengthen its retail presence, Mondal informed.
In the meeting, she also highlighted the company’s achievements of FY’21:
SAIL posted highest-ever EBITDA of INR 13,740 crore, higher by 23% over the corresponding period last year (CPLY).
The profit before tax (PBT) of the company stood the highest in the last ten years.
The company’s borrowings came down to INR 35,350 crore, a reduction of more than INR 16,000 crore.
The factors which helped improve profitability included higher sales of secondary products, sale of iron ore fines, lower usage of other raw materials, improvement in techno-economic parameters, benefit in stores and spares expenses, decreased purchased power rates, reduction in interest charges, higher dividend income and forex exchange gain among others.
Along with reduction in cost by reducing consumption level for various inputs, the capital repairs were also pre-poned wherever feasible, Mondal informed. During the trying times of Covid-19 pandemic, SAIL made optimal utilisation of the operational facilities instead of operating greater number of facilities at sub-optimal level. The company maximised sales volumes through potential channels like exports, dispatch to Railways while it reduced cash outflows by reviewing commitments and renegotiating contracts among others, she added.
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