SAIL posted a fantastic set of earnings for Q2FY22 with a 58% (YoY) jump in total consolidated revenue at Rs.26,828 crore on the back of higher volumes, supported by higher prices.
Net profit jumped up almost 10-times at Rs.893 crore; the lower base effect at play, sequentially, the profit was up 11%.
During Q2, it produced 4.468 million tonnes of crude steel and sold 4,280 mt.
Gross borrowings were down by Rs.12,872 crore at Rs.22,478 crore during H1FY22.
The company's board has approved an interim dividend of Rs 4 per share for the current fiscal year.
Following these numbers, the stock price has reacted positively, with SAIL figuring among the top three gainers on the BSE since the opening bell. The stock surged almost 13.5% to hit an intraday high at Rs.130.35, not too far from its 15% UC of the day at Rs.132.25.