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Steel Authority of India (SAIL) have shown a 20% decline in profits after tax (PAT) - which stood at Rs 2,093 crore for the financial year 2014-15 as compared to Rs 2,616 crore for 2013-14 – in the annual results declared here.
Similarly, PAT for the fourth quarter(Q4) of 2014-15 stood at Rs 334 crore - showing a 26% decline - as compared to Rs 453 crore in the corresponding period last year.
The audited financial result of Steel Authority of India Limited (SAIL) for the financial year 2014-15 was taken on record by its Board of Directors here today.
The company's crude steel production for Q4 stood at 3.72 million tonnes (MT) - which was 10% higher - as compared to 3.38 MT over the corresponding period last year.
“At a time when the market conditions were challenging, SAIL has maintained its output and braved the headwinds by improved production, better techno-economic parameters and strategic policy initiatives,” said SAIL in its press release.
In FY15, SAIL achieved the highest ever concast production at 10.34 MT with a growth of 6% over the previous best of 9.8 MT achieved last year. The coke rate and specific energy consumption also recorded best ever figures at 504 kg/thm and 6.52 Gcal/tcs respectively in FY15.
SAIL’s gross turnover for FY15 was Rs 50,627 crores compared to Rs 51,866 in FY14. The net-worth of the company at the end of FY15 stood at Rs 43,505 crores as against Rs 42,666 crores for FY14.
“SAIL after completion of its modernization and expansion programme in Rourkela Steel Plant and IISCO Steel Plant started their integrated operations,” the company said. During FY15, projects worth around Rs 10,000 crores were operationalised, which includes 4,160 cubic meter Blast Furnace Kalyani at IISCO steel plant.
Speaking on the occasion, Chairman, SAIL, C S Verma said: “After enhancing the hot metal capacity to 19.4 MT from 14 MT, SAIL is focused on stabilizing and consolidating its operations from the modernized units. This comes at an opportune time when a positive environment is created by the growth oriented policies of the government, which we are sure would soon be changing the market condition in near future. World Steel Association also expressed similar sentiments in their outlook for India.’’
