The Steel Authority of India (SAIL) has earned Rs 1038 crore in profit before tax in the first quarter of the current financial year 2022-23 (Q1 FY 23). Among its steel plants, Bokaro Steel Plant (BSL) contributed the highest profit before tax (PBT) of Rs 609 crores.
It is very surprising that BSL performed well despite the rise in the price of imported coal and the government’s 15% export duty on flat products like hot rolled coils, plates, and sheets. In the meantime, Rourkela Steel Plant (RSP) came in second place with PBT earnings of Rs 587 crores, while Bhilai came in third with PBT earnings of Rs 445 crores, said sources.
Steel Authority of India Limited (SAIL) saw a growth of 16.4% in its revenue from operations in Q1 FY23 over corresponding period last year. SAIL also recorded the best ever Q1 production. The first quarter of FY’23 saw twin challenges of higher input costs and subdued market demand, both global and domestic, impacting the performance of the company.
High cost of production due to increase in imported coking coal prices had an impact on the bottom-line of the company. The decline in global demand and prices for steel had a direct bearing on the domestic market and price realisation.
Since peaking in April’22, the prices for steel have continuously remained under pressure during the quarter.
The Company, however, said that the construction and infrastructure projects have gained momentum which will boost the demand for steel products. The company is confident of improved performances in the second half of the current financial year with significant reduction in prices of imported coal and uptick in demand.
Delighted and feel proud of recent performance of Bokaro. Keep the flag flying.
Would be happy to learn the following :
1. Has the new Sinter plant been commissioned ?
2. Any vision regarding using Pallets in BF ?
3. What’s the performance of new CRM