New Delhi, Sep 4 (SocialNews.XYZ) State-run Steel Authority of India Ltd (SAIL) on Friday said it reported a 13 per cent year-on-year increase in sales to 1.87 million tonnes in August, while its production of hot metal, crude steel and saleable steel reached record levels for the month.
Moreover, the PSU company’s crude steel production rose 8 per cent to 1.68 million tonnes in August from 1.55 million tonnes a year earlier, while hot metal output increased 9 per cent to 1.78 million tonnes from 1.63 million tonnes.
Saleable steel production rose 1 per cent to 1.69 million tonnes from 1.66 million tonnes.
In addition, total sales increased to 1.871 million tonnes from 1.654 million tonnes a year earlier, with the company reporting double-digit growth across its retail channels.
"SAIL's performance in August and the April-August period reflects the organisation's growing alignment between operational capability, commercial delivery and financial prudence," Chairman and Managing Director A.K. Panda said.
Panda said the company's record production, sales momentum and financial management strengthened its fundamentals and that SAIL was well positioned to accelerate growth as expansion projects progressed and the demand outlook remained positive.
Cash collections rose 23 per cent year-on-year during the month, according to the company.
SAIL said it recorded its highest-ever August sales in several value-added product categories, including cold rolled, galvanised and alloy steels.
Rail supplies to Indian Railways rose 5 per cent year-on-year to 123,000 tonnes in August.
However, supplies of long rails increased 11 per cent to a record 112,000 tonnes, the company added.
It also reduced its borrowings by 8.7 billion rupees from the March 31 level.
For April-August, SAIL's cumulative sales rose 5.6 per cent year-on-year to 7.71 million tonnes.
The company said finished and processed steel sales remained healthy during the five-month period supported by an improved product mix, stronger regional outreach and firm domestic demand.
Shares of SAIL on Friday surged as much as 1.47 per cent, hitting an intraday high of Rs 198.90 as of 1:40 pm.
Source: IANS
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