SAIL, which had closed on Thursday at Rs.83.80, opened higher at Rs.85.85 and went on to hit a 2-year high at Rs.88.65. It is currently trading at Rs.86 levels.
On 1st April, the company announced its performance for Q4FY21 and it turns out to be the best quarter ever in terms of production and sales.
Its crude steel production volume for the quarter stood at 4.55 million tonnes (MT), up 6% (YoY) and 4% (QoQ).
Sales volume for the quarter was up 14% (YoY) and 3% (QoQ) at 4.27 MT.
Thanks to this excellent Q4 performance, it has been able to end fiscal FY21 with its best-ever annual sales volume at 14.87 MT, up 4%.
The company said that its multipronged strategy of - focused approach on improving its volumes and operational efficiencies, operating the facilities at optimum levels, deleveraging its balance sheet, reducing its inventory levels, helped clock in this performance.
The other good news – it has reduced its gross debts by around Rs 16,150 crore to stand at Rs 35,330 crore (provisional) as on March 31, 2021 v/s Rs 51,481 crore as on March 31, 2020.