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The Steel Authority India Limited (SAIL) has posted a 31 per cent jump in its consolidated net profit at Rs 3,469.88 crore at the end of the March quarter, mainly on higher income. The company had clocked Rs 2,647.52 crore net profit during the January-March period of the fiscal year 2019-20, SAIL said in a regulatory filing.
During the quarter under review, the company’s total income rose to Rs 23,533.19 crore, from Rs 16,574.71 crore in the year-ago period. Total expenses were at Rs 18,829.26 crore, as against Rs 11,682.12 crore a year ago. SAIL’s net profit grew to Rs 3,443.80 crore on a standalone basis, from Rs 2,725.16 crore in the same period of 2019-20.
In January-March 2021, the company’s total income rose to Rs 23,606.06 crore, from Rs 16,628.80 crore in the year-ago period, and expenses were at Rs 18,831.16 crore, as compared to Rs 11,675.87 crore in January-March 2020.
“The COVID-19 pandemic outbreak and measures to curtail it had caused significant disturbances and slowdown of economic activities, as a result of which the company’s operations had to be scaled down during; the first quarter of the financial year ended March 31, 2021,” the filing said.
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