SAIL Q2FY22 Results: Net profit jumps over 10-folds to Rs 4,338 cr; company approves dividend

Domestic steel giant SAIL on Friday reported an over 10-fold jump in its consolidated net profit at Rs 4,338.75 crore for the second quarter ended September 2021.

The company had posted Rs 436.52 crore net profit in the year-ago quarter, Steel Authority of India Ltd (SAIL) said in a regulatory filing.

During the July-September period, the company said its total consolidated income also increased to Rs 27,007.02 crore, from Rs 17,097.57 crore in the corresponding quarter of the previous fiscal.

SAIL's expenses during the quarter were at Rs 21,289 crore as against Rs 16,733.63 crore a year ago.

On a standalone basis, the company posted a net profit of Rs 4,303.62 crore during the quarter.

It had registered a net profit of Rs 393.32 crore during the same quarter last year.

Its total standalone income rose to Rs 27,057.53 crore from Rs 17,121.22 crore in the same period last fiscal.

During the quarter, its expenses stood at Rs 21 304.64 crore compared to Rs 16,733.29 crore in the year-ago period.

In a separate statement, SAIL said it produced 4.468 million tonnes (MT) crude steel during the quarter under review, and sold 4.280 MT steel.

"Gross borrowings were at Rs 22,478 crore as on September 30, 2021 against Rs 35,350 crore as on March 31, 2021, which is a reduction of Rs 12,872 crore during H1 FY'22 (financial year 2021-22)," the company said.

The company's board has approved an interim dividend of Rs 4 per share for the current fiscal year, it said.