India - SAIL Crude Steel Output Inch Up Marginally in Q1FY19

Indian govt. owned steel mill - Steel Authority of India Limited (SAIL) announced its quarterly performance results for Q1FY19 today.The steel mill reported marginal increase in crude steel output however decline in saleable steel sales in first quarter of FY19.

1.SAIL crude steel production inch down by Q1FY19-Company`s crude steel production inch down by 1.4% to 3.945 MnT in Q1FY19 in comparison to 4.004 MnT in Q4FY18.

2.Company’s saleable steel production remain largely stable in Q-o-Q-Company’s saleable steel production recorded at 3.614 MnT in Q1FY19 which was 3.610 MnT in Q4FY18. However on yearly basis the same increases by 13% in Q1FY19 as compared to 3.20 MnT in similar quarter of previous year.

3.Company’s saleable steel sales decline by 13% in Q1FY19-Company’s saleable steel sales stood at 3.27 MnT in Q1FY19 down by 13% Q-o-Q basis against 3.73 MnT in Q4FY18. However on yearly basis the same moved up by 8 % Y-o-Y basis in Q1FY19 as compared to 3.03 MnT in Q1FY18.

4.Company’s EBITDA witness marginal growth in Q1FY19- Company witness marginal growth in EBITDA which stood at INR 2,685 CR in Q1FY19 inch up by 2% against INR 2,625 CR in Q4FY18. However in Q1FY18 the same stood at INR 23 Cr.

5.Coke rate has declined by 3% in Q1FY19 - Company’s coke rate has declined by 3% Y-o-Y to 455 kg/thm in Q1FY19 against 470 kg/thm in Q1FY18.Meanwhile BF productivity increased to 1.63 T/m3/day in Q1FY19 against 1.60 T/m3/day in similar quarter of previous year.

Mr.Saraswati Prasad Chairman of SAIL commented that,” Operational performance of the company has recorded improvement over the past many quarters and this trend is likely to continue. SAIL has taken several new initiatives which will help the company in improving its physical and financial performance”