The country’s main state-run steel producer, Steel Authority of India (SAIL), aims to reduce its net debt to a range of Rs 15,000 to 20,000 crore in the current fiscal year if prices and demand for the product remains stable, an official summit told the news agency PTI. The steelmaker has net debt of around Rs 30,000 crore at the end of the April-June quarter of fiscal year 2021-22, up from Rs 35,350 crore at the end of the previous fiscal year.
According to Soma Mondal, chairman of SAIL, the national steel company aims to reduce debt from around Rs 30,000 crore currently to anywhere between Rs 15,000 and 20,000 crore, depending on steel prices and the situation. Requirement. Prices for flat products remain stable, while those for long products are improving, she added.
SAIL had reduced its net debt from Rs 16,131 crore to Rs 35,350 crore in fiscal year 2020-21. The Maharatna PSU had announced that it would spend Rs 8,000 crore as capital expenditure in the current fiscal year.
SAIL reported a net profit of Rs 3,897 crore on a consolidated basis in the first quarter of the current fiscal year, compared to a loss of Rs 1,266 crore in the corresponding period last year.
The company’s Bhilai steel plant reported revenue of Rs.5,548 crore in the first quarter of the current fiscal year, the largest contributor to around 24% of SAIL’s total revenue .
On Thursday August 26, SAIL shares were down 3.35% to 115,300 rupees each on BSE. SAIL opened on BSE at Rs 119.70, hitting an intra-day high of Rs 119.70 and an intra-day low of Rs 114.05, throughout today’s trading session.