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SAIL swings to fiscal Q4'18 profit amid 34% rise in sales

Steel Authority of India Ltd. said May 30 that its net profit the fourth quarter of its fiscal 2018 stood at 8.16 billion Indian rupees, buoyed by a 34% year-on-year rise in net sales to 168.11 billion rupees. In the fourth quarter of fiscal 2017, it booked a net loss of 7.71 billion rupees.

EBITDA for the period reached 26.25 billion rupees, the highest in 27 quarters. The improved quarterly results come as the company sales volume rose 8.4% on an annual basis to 3.7 million tonnes, while crude steel output hit a record 4 million tonnes, up 4% from the year before.

SAIL narrowed its net loss for the full fiscal year to 4.82 billion rupees from a net loss of 28.33 billion rupees in fiscal 2017, while EBITDA jumped to 51.84 billion rupees from 6.72 billion rupees in the preceding year. The company also booked record sales volume of about 14.1 million tonnes for fiscal 2018, up 7.4% year on year.

As of May 31, US$1 was equivalent to 67.45 Indian rupees.