SAIL chairman lauds performance, describes FY21 year of 'growth and scaling newer heights'

Addressing the shareholders on the occasion of the 49th Annual General Meeting on Tuesday, Mondal said the factors which helped improve profitability included higher sales of secondary products, sale of iron ore fines, lower usage of other raw materials, improvement in techno-economic parameters, benefit in stores and spares expenses, decreased purchased power rates, reduction in interest charges, higher dividend income and forex exchange gain among others.

The Profit Before Tax (PBT) of the company stood highest in the last ten years, she noted.

Citing the various challenges faced by the Company due to the ongoing Covid-19 Pandemic, the shareholders were informed about the measures taken by the Company to counter the impact of this pandemic.

Taking proactive actions, the Company reworked its plans and strategies to sustain all-around activities. Outlining some of those, she said, SAIL made optimal utilization of the operational facilities instead of operating a greater number of facilities at a sub-optimal level.

Along with the reduction in cost by reducing consumption level for various inputs, the capital repairs were also preponed wherever feasible.

"In these trying times, the company maximized sales volumes through potential channels like exports, dispatch to Railways while it reduced cash outflows by reviewing commitments and renegotiating contracts among others," she said.

Mondal added that the Company was a front-runner in partnering the nation in its fight against Covid-19 Pandemic.

She informed the shareholders about the scaled response activated by SAIL for management of the Covid-19 outbreak across all locations of its presence.