In its Q2FY24 report, the company disclosed a consolidated net profit of Rs 1,305.59 crore, a significant turnaround from the loss of Rs 329.36 crore in the corresponding quarter of the previous year
SAIL ( Steel Authority of India) is reportedly aiming to raise the provisional pricing of rails provided to the Indian Railways for the fiscal years 2022-2023 and 2023-2024. This initiative, as outlined in a report by moneycontrol, is attributed to offset higher costs being incurred by the state-owned steel producer.
Media reports indicate that in the previous year, the railways raised the provisional price to Rs 67,500 per tonne from Rs 63,624 per tonne set for FY18-19. As per the agreement between SAIL and the railways, these prices are applicable to rail supplies with a UTS (Ultimate tensile Strength) of 90 kg/mm2 and a weight of either 60 kg or 52 kg per meter.
"We will be approaching the railways to give us an ad hoc increase until we submit the cost data of '22-'23 to the CA Cost Office and it is finalised, we will be requesting for an ad hoc increase for '22-'23 as well as '23-'24 since our costs are much more," Anil Tulsiani, the Director (Finance) at SAIL, conveyed this information in a report featured on moneycontrol.
In FY22, SAIL supplied approximately 0.92 million tonnes of rails to the railways. In its Q2FY24 report, the company disclosed a consolidated net profit of Rs 1,305.59 crore, a significant turnaround from the loss of Rs 329.36 crore in the corresponding quarter of the previous year.
On a year-to-date basis, the shares of the state-owned steel-producing firm have shown minimal movement, remaining nearly flat at Rs 89 on the National Stock Exchange.