PSU maharatna Steel Authority of India Ltd (SAIL) has reported sales of 4.27 million tonnes in the January to March quarter (Q4 FY21), up 14 percent from 3.74 million tonnes in the year-ago period.
It also posted crude steel production of 4.55 million tonnes, 6 percent higher from 4.31 million tonnes in Q4 FY20.
SAIL said determined efforts by the company to improve volumes saw it clock the best-ever annual sales at 14.87 million tonnes in FY21, marking a growth of 4.4 percent over 14.23 million tonnes during FY20.
After difficult market conditions during the initial months of financial year ended March 31, SAIL adopted a focussed approach on improving volumes and operational efficiencies, operating the facilities at optimum levels, deleveraging its balance sheet, and reducing inventory levels.
“The multi-pronged strategy helped us top the performances during the month, quarter as well as the year,” said Chairperson Soma Mondal.
“The team effort by SAIL employees helped in seizing the opportunity offered by a pick-up in economic activities, especially the steel intensive *sectors like infrastructure, construction, and automobiles.”
In line with its focus on reducing the borrowings, SAIL reduced its gross debt by Rs 16,150 crore to Rs 35,330 crore as on March 31 as compared to Rs 51,480 crore on same date last year. (ANI)