Steel Authority of India Ltd (SAIL), the country’s
largest steelmaker posted a consolidated net profit of Rs 1,525.5 crore for
Q3FY22, a 3.8% year on year increase from the net profit of Rs 1,468.2 crore in
the corresponding quarter last year.

Consolidated revenue for the quarter grew 27.3% YoY to Rs
25,246.9 crore from Rs 19,835.7 crore in the year-ago period.

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At the operating level, EBITDA (earnings before interest,
tax, depreciation and amortization) climbed 33% to Rs 3,401.8 crore in Q3 FY22
as compared to Rs 5,080.3 crore in Q3 FY21. EBITDA margin came in at 13.4% in
Q3 FY22 as against 25.6% in Q3 FY21.

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The steelmaker in its statement said it has delivered one
of its best physical performances during the reported quarter as well as nine
months of the financial year 2021-22. “However, the same is not reflected
in the financial performance of Q3 FY’22 due to various factors beyond the
control of the company which primarily include an unprecedented increase in the
prices of imported and indigenous coking coal,” it added.

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The performance is expected to improve in the coming
quarters with the announcements in the Union Budget for increasing
infrastructure spending and an overall positive outlook in the economy. The
company is focused on reducing its borrowing and this is reflected in the
reduction of about 15% over Q2, the company said.

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The saleable steel production in the December quarter
increased to 4.365 million tonnes (MT) as compared to 4.153 MT in the same
quarter of the previous financial year. The crude steel production during the
quarter stood at 4.531 MT and the hot metal production was at 4.886 MT.

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The SAIL achieved its best-ever quarter three and 9M
production of hot metal, crude steel and saleable steel.

The company’s borrowings stood at Rs 19,128 crore as of
December 31, 2021.

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The results were announced after the close of the market
hours. Shares of SAIL closed at Rs 103.60, up by Rs 1.75, or 1.72% on the BSE.