New Delhi, May 29, 2015: The audited financial result of Steel Authority of India Limited (SAIL) for the financial year 2014-15 was taken on record by its Board of Directors here today. SAIL produced 3.72 million tonnes (MT) of crude steel in Q4 which was 10% higher as compared to 3.38 MT over the corresponding period last year (CPLY). The profit After Tax in Q4 FY15 was Rs 334 crores against Rs 453 crores CPLY.
At a time when the market conditions were challenging, SAIL has maintained its output and braved the headwinds by improved production, better techno-economic parameters and strategic policy initiatives. In FY’15, SAIL achieved the highest ever concast production at 10.34 MT with a growth of 6% over the previous best of 9.8 MT achieved last year. The coke rate and specific energy consumption also recorded best ever figures at 504 kg/thm and 6.52 Gcal/tcs respectively in FY’15.
The PAT for FY’15 stood at Rs 2,093 crores as against Rs 2,616 crores corresponding period last year (CPLY). SAIL’s gross turnover for FY’15 was Rs 50,627 crores compared to Rs 51,866 in FY’14. The net-worth of the company as on 31.03.2015 was Rs 43,505 crores as against Rs 42,666 crores on 31.03.2014. SAIL achieved a higher EBIDTA of 15% in FY’15 y-o-y excluding the exceptional item from M/s Vale during the previous financial year on account of arbitration award in favor SAIL.
SAIL after completion of its modernization and expansion programme in Rourkela Steel Plant and IISCO Steel Plant started their integrated operations. During FY 2014-15, projects worth around Rs 10,000 crores were operationalized which includes the state-of-the-art 4160 cubic meter Blast Furnace Kalyani at IISCO steel plant.
Speaking on the occasion, Chairman, SAIL, Mr C.S. Verma said, “after enhancing the hot metal capacity to 19.4 MT from 14 MT, SAIL is focused on stabilizing and consolidating its operations from the modernized units. This comes at an opportune time when a positive environment is created by the growth oriented policies of the government, which we are sure would soon be changing the market condition in near future. World Steel Association also expressed similar sentiments in their outlook for India.’’