Tuesday 20th October 2020

SAIL reports highest ever August sales

Sep 3rd, 2020 7:21 pm | By | Category: SPECIAL NEWS COVERAGE


(THE NEWSMAN OF INDIA.COM)
Steel Authority of India Limited (SAIL) has posted its best August sales performance during August 2020 at 14.34 lakh tonnes, signalling a recovery post the Covid-related lockdowns. “The company has been witnessing an impressive sales performance which started in June 2020. The sales in August have grown significantly by 35 per cent over 10.60 lakh tonnes achieved in August 2019. SAIL’s domestic sales and exports have been at 12.40 lakh tonnes (23 per cent higher) and 1.94 lakh tonnes (up by 250 per cent). The growth in sales coupled with the improvement in realisations resulted in the cash collections going up for SAIL which has helped the company in further reducing its borrowings,” a SAIL statement said.

Commenting on sales growth, its Chairman Anil Kumar Chaudhary said, “We were quite positive on the demand picking up as soon as the economy would return to normal. Despite early setbacks, after opening, the market has also been echoing positive sentiments and a lot of meticulous planning went into leveraging these sentiments.”

“The company has been catering to domestic requirements and has also gainfully utilised opportunities in the export market to maintain consistent growth momentum in its sales,” he said.

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