SAIL Q1 FY 24 Financial Results Declared : 1% Increase in Revenue

SAIL Q1 FY 24 Financial Results Declared

1% Increase in Revenue 

Date - 11 August 2023

Steel Authority of India Limited (SAIL) has declared its financial results on 10th August 2023 for the quarter ending 30th June, 2023 ie. Q1 FY 24. 

Best ever Q1 performance has been achieved by the company with respect to Productions and Sales. The Company has registered a growth in the Crude Steel Production and Sales Volumes by 8% and 23% respectively over CPLY. Despite increase in volumes, the turnover has increased by 1% due to decline in price realization.

According to the results the revenue increased by 1%  while the profit of enterprise decreased as compared to previous year's Q1 

The highlights of SAIL Q1 FY 24 financial results are as follows :

1) Revenue - increased by 1%. Last year it was 24029 crore while in this first Q1 it is 24,358 crore. 

2) Profit after tax (PAT)-  Last year it was 776 crore while in this first Q1 it is 150 crore. 

3) Crude steel sales volume - increased by 23%. Last year it was 3.15 million tonne while in this first Q1 it is 3.88 million tonne. 

4) Crude steel production - increased by 8%. Last year it was 4.33 million tonne while in this first Q1 it is  4.67 million tonne. 

Performance of Q1 FY 24 (Standalone) at a glance:

	Unit	Q1 22-23	Q4 22-23	Q1 23-24
Crude Steel Production	Million Tonne	4.33	4.95	4.67
Sales Volume	Million Tonne	3.15	4.68	3.88
Revenue from Operations	Rs. Crore	24,029	29,131	24,358
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)	Rs. Crore	2,606	3,401	2,090
Profit Before Tax (PBT)	Rs. Crore	1,038	1,480	202
Profit After Tax (PAT)	Rs. Crore	776	1,049	150

With the coking coal prices stabilizing and the market outlook positive for sustained consumption growth in the country, margins are likely to improve going forward. The Company is also taking up debottlenecking and efficiency improvement projects to shore up the profitability in the medium term.

SOURCE