SAIL Achieves Remarkable Q1 Performance: Record High Crude Steel Production and Sales
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TFP Bureau News Delhi, August 11, 2023: Steel Authority of India Limited (SAIL) announced its financial outcomes for the first quarter concluding on June 30, 2023. The financial results unveil an impressive performance, setting new milestones in various key areas.
In a snapshot of the Q1 FY 2023-24 (Standalone) performance:
SAIL has achieved an exceptional Q1 performance, marking its highest-ever production and sales figures. The company showcased notable growth in Crude Steel Production and Sales Volumes, achieving an impressive 8% and 23% increase, respectively, over the corresponding period last year (CPLY). Despite this growth in volumes, the turnover experienced a 1% rise, attributed to a decline in price realization.
With the stabilization of coking coal prices and a positive market outlook that hints at sustained consumption growth within the nation, margins are anticipated to witness improvement in the future. The company is also actively pursuing debottlenecking and efficiency enhancement initiatives, aimed at bolstering profitability in the medium term.
