Public sector steel giant Steel Authority of India Ltd. (SAIL) has reported considerable drop in losses when it announced its financial results for the fourth quarter of the Financial Year 2017-18 (Q4 FY18) and for FY18. In Q3 FY18, the company had reported achieving operational profit which has been further consolidated in Q4 with Rs.816 crore profit number.
Backed by improvement in profit margins in the later part of the previous fiscal, the company has reported a massive drop of 83% in losses in FY18 with the Profit After Tax on standalone basis improving to Rs. (-) 482 Crore from Rs. (-) 2,833 Crore in FY17. The consolidated profit after tax of the company stood at Rs. (-) 281 Crore for FY18 as against Rs. (-) 2,756 in CPLY. The company registered highest sales volume for the year in FY18 at 14.08 MT which is higher by 7.4% over CPLY.