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October 07, 2008


SAIL sets new performance landmarks in 2007-08

Indian steel major Steel Authority of India Limited has announced audited financial results for 2007-08, after they were taken on record by the SAIL board of directors.

High production and productivity, market-driven product mix, substantially higher value added, special steel production, several initiatives towards cost reduction, along with strong demand for steel enabled Steel Authority of India Limited to achieve new financial and physical performance landmarks during the year 2007-08. The highlights are as under
1. All time high annual turnover of INR 45555 crore up by 16% YoY
2. Highest ever annual PBT of INR 11469 crore and PAT of INR 7537 crore up by 21.7% and 21.5% respectively.
3. 37% dividend to shareholders including 19% interim dividend

The performance for the financial year was buoyed by stupendous performance in January to March 2008 quarter
1. All time high Q4 turnover of INR 15530 crore up by 35% YoY
2. 25% YoY higher Q4 PBT of INR 3665 crore

SAIL Board has recommended its highest-ever dividend at 37% on paid up equity amounting to over INR 1,500 crore for the company's shareholders for the year 2007-08. This includes the 19% interim dividend paid in February 2008. Previous highest dividend payout was 33% for the year 2004-05.

Commenting on the company's performance, Mr. S.K. Roongta, Chairman, SAIL, said: "SAIL has proved its fundamental strengths once again, the most significant of which is its committed workforce – ever eager to attain new peaks in performance and to meet the growing demand for steel in the country.

The production highlights for 2007-08 are as under
1. Highest ever saleable steel production of 13 million tonnes
2. Capacity utilization of 118%
3. Special quality and value added products production of 3.5 million tonnes up by 30% YoY.
4. Over 30 new products were developed for special applications during the year
5. Achieved record production through the energy-efficient continuous casting route at 8.9 million tonnes, showing a growth of 7% and capacity utilization of 128%
6. The special steels plants of SAIL also recorded highest-ever saleable steel production of 0.513 million tonnes up by 13% YoY
7. For the first time, production by SAIL's captive collieries crossed the million tonne mark up by 47% YoY
8. Best ever sales of 12.3 million tonnes during the year with substantial growth in sales of value-added products like long rails of 130/260 meters at 56%, plates at 8%, HR coils at 7% and medium structurals 20%.
9. For the first time, SAIL's marketing network covered all districts in the country during 2007-08, with addition of about 1,200 new dealers. SAIL thus became the first steel company in the country to have a distribution network covering each and every district.
10. SAIL achieved lowest-ever energy consumption at 6.95 giga calories per tonne of crude steel and coke rate at 533 kgs per tonne of hot metal in 2007-08 by fine-tuning operational efficiencies.
11. Thrust on cost reduction continued, resulting in a saving of over INR 300 crore.