Steel Authority of India (SAIL) rose 12.26% to Rs 129.10 after the company's consolidated net profit rose 11.33% to Rs 4338.75 crore on 29.96% rise in net sales to Rs 26828.01 crore in Q2 September 2021 over Q1 June 2021.
On a consolidated basis, profit before tax rose 11.19% to Rs 5795 crore in Q2 September 2021 over Q1 June 2021. EBITDA rose 8.14% to Rs 7290 crore during the period under review.The company said it reported best ever quarterly EBITDA, profit before tax (PBT) and profit after tax (PAT).
SAIL's net profit surged 893.94% and net sales rose 58.51% in Q2 September 2021 over Q2 September 2020.
During the quarter, the company's crude steel production stood at 4.468 million tonnes and saleable steel sales stood at 4.280 million tonnes.
Gross borrowings stood at Rs 22,478 crore as on 30 September 2021 as against Rs 35,350 crore as on 31 March 2021, which is a reduction of Rs 12,872 crore during H1 FY'22.
The company's board has approved an interim dividend of Rs 4 per share for FY'22 to the shareholders. The record date is fixed on 10 November 2021.
SAIL is one of the largest steel-making companies in India and one of the Maharatnas of the country's Central Public Sector Enterprises. It produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. SAIL manufactures and sells a broad range of steel products.
The Government of India owns about 65% of SAIL's equity and retains voting control of the company.
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