Steel Authority of India Ltd. (SAIL) has earned Profit Before Tax (PBT) of Rs 82 cr in the third quarter of this current financial year (Q3FY18) after ten quarters.
Maintaining strong and EBIDTA positive performance for seven consecutive quarters in Q3FY18 also, SAIL has registered EBITDA of Rs 1,571 cr, which is a phenomenal jump as against EBITDA of Rs 35 cr during CPLY. Likewise, the EBITDA per tonne of steel for the current quarter at Rs 4,162 is significantly higher over CPLY, which was at Rs 107 and even sequentially, it grew more than 50% over the Q2FY18. Steadily intensifying production ramp up from its new mills, SAIL is targeting higher sales volume coupled with more value added and enriched products.
Chairman, SAIL, PK Singh said: “The entire SAIL workforce has been dedicatedly working towards improving the company’s performance. The process of turnaround had already started where we continually registered improvement in SAIL’s EBITDA through various initiatives taken by management and internalised by SAIL collective. SAIL’s third quarter result of FY18 is an amalgamation of higher production, improving efficiencies, focused marketing, cost control initiatives, a massive two way company-wide communication exercise and most importantly a collective effort and active participation of our committed employees to get back to profits.”