FY21 was year of 'growth, scaling newer heights': SAIL chief Soma Mondal

Steel Authority of India Ltd (SAIL) Chairman Soma Mondal, during the  company's 49th Annual General Meeting today, said FY21 was a year of 'growth and scaling newer heights'. She said SAIL posted its highest ever EBITDA of Rs 13,740 crore, up 23 per cent over the corresponding period last year.

The factors that helped improve profitability included higher sales of secondary products, sale of iron ore fines, lower usage of other raw materials, and improvement in techno-economic parameters. Other factors were decreased purchased power rates, reduction in interest charges, higher dividend income and forex exchange gain, among others.

SAIL's profit before tax was the highest in the last 10 years, the company said.

Citing challenges faced by the company due to the ongoing Covid-19 pandemic, the shareholders were informed about the measures taken to counter the pandemic impact.

Mondal said SAIL made optimal utilisation of the operational facilities instead of operating a greater number of facilities at sub-optimal level.

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Along with reduction in cost by reducing input, the capital repairs were also preponed wherever feasible, she added.

SAIL maximised sales volumes through potential channels like exports, dispatch to railways, while it reduced cash outflows by reviewing commitments and renegotiating contracts.

To combat the pandemic, SAIL developed medical infrastructure for handling Covid-19 and augmented its facilities. SAIL hospitals at five integrated steel plants earmarked 10 per cent or 330 beds out of the total beds for Covid patients, which was later augmented to 1,000.

Other initiatives included setting up Covid-19 care units, developing Covid-19 testing facilities like RAT, RTPCR, TRU-NAT, and supply of over 1 lakh mt tonne liquid medical oxygen.

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