SAIL posts Rs 1,468-cr net profit in Q3

State-owned steel maker SAIL on Friday reported a consolidated net profit of Rs 1,468 crore for the third quarter ended December 2020, mainly on account of higher income.

The company had clocked a net loss of Rs 343.57 crore during the same quarter a year ago, Steel Authority of India Ltd (SAIL) said in a BSE filing.

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During October-December, the company's total income jumped to Rs 19,997.31 crore from Rs 16,714.87 crore in the year-ago period.

Its total expenses stood at Rs 16,406.81 crore, compared to Rs 17,312.64 crore a year ago.

In a statement, SAIL said it produced 4.37 million tonne (MT) crude steel, registering a growth of 9 per cent over the corresponding period last year (CPLY).

During the quarter under review, the company produced 4.15 MT of saleable steel, a rise of 6 per cent.

SAIL Chairman Soma Mondal said, "SAIL has shown overall improvement during the current financial year despite all the challenges. With the focus on seizing opportunities, the company has geared up to service the rising steel demand in the market as soon as the gradual opening of lockdown started".

SAIL, under the Ministry of Steel, is the country's largest steel maker having an installed capacity of about 21 million tonne per annum (MTPA).