In his last AGM as Chairman, Chaudhary assured SAIL moving with steely resolve

New Delhi: Steel Authority of India (SAIL) hold it 48th Annual General Meeting (AGM) on Thursday. While addressing the shareholders SAIL's Chairman Anil Kumar Chaudhary said that we all are aware that COVID-19 Pandemic has impacted SAIL just as it has impacted every corporate across the country. He also highlighted how SAIL has activated a scaled response for management of COVID-19 outbreak at Plants, Units and townships. Chaudhary said while fighting with the COVID-19 Pandemic, on one hand, the company ensured that the production continued in line with the market demand while making use of the time available to carry out planned repairs by preponing them from the original schedule.

Chaudhary said that the financial year 2019-20 has been the year of sustaining profitability. Despite challenging market conditions that saw the average Net Sales Realisation (NSR) declined by 12 percent over the previous year, the determined efforts and strategic initiatives are taken by SAIL saw the EBITDA in FY 2020 rise by 9 percent to Rs 11,199 crore, as against Rs 10,283 crore in FY 2019. However, due to higher depreciation and finance cost, the Profit after Tax (PAT) on a standalone basis came down to Rs 2,022 crore in FY 2020 as against Rs 2,178 crore in the previous year (FY 2019). On a consolidated basis, the PAT stood at Rs 2,121 crore for FY 2020 as against Rs 2,348 crore in FY 2019.

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SAIL has been associated with India's economic and industrial progress and development by contributing to important and strategic sectors like Defence, Railways, Metro, Infrastructure, Space, Power, Manufacturing, Irrigation, etc. through effecting supplies to prestigious projects such as Indian's first and the biggest indigenous artillery gun 'Dhanush'; Chandrayaan-2; Mangalyaan; Jiribam-Tupul-Imphal Broad Gauge Railway Project; Manipur (World's tallest girder railway bridge); AnjiKhad Cable-Stayed Bridge Project, Jammu & Kashmere; Chardham Mahamarg Vikas Pariyojna, Rawatbhata and Kakrapara Atomic Power Plant, other Power Projects like Neyveli Lignite Power Plant at Ghatampur in UP, NTPC Patratu Power Plant in Jharkhand, Chausa Thermal Power Plant in Bihar, Yadadari Power Plant in Telangana and Ennore Power Plant in Tamil Naidu, Western Dedicated Freight Corridor, etc. The latest feather in its cap has been the supply of steel for the strategically important "Atal Tunnel."

Chaudhary said that SAIL has always been a part of the government-led initiatives like Swachh Bharat Abhiyaan, Prime Minister Jan ArogayaYojana (PMJAY), Prime Minister Awas Yojana (PMAY), Skill India, Ban on Single-Use Plastic, Mission Purvodaya, etc. He also emphasized SAIL's concern for the environment with planting of more than 4.44 lakh saplings during the FY 2019-20, taking the cumulative plantation by SAIL to 21.04 million since inception.

In the wake of the severe impact on the economy of the country during the COVID-19 Pandemic, SAIL has been the frontrunner in taking forward the initiative of making India prosper through self-reliance viz. 'Atmanirbhar Bharat' and 'Vocal for Local'.

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"During FY 2019 SAIL produced new grades of steel like superior performance rails namely R-260 grade and wheels for high-speed LHB coaches for Indian Railways, Special quality steel complying to the requirement of country's defence forces for use in armour plates, gun carriage, ammunition testing and bulletproof applications; API X-70 steel grade for pipe in Oil and Gas Sector; and High tensile, fire-resistant, weather-resistant structural steel and seismic grade TMT Bars for Construction & Infrastructure Sector" Chaudhary concluded.

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