SAIL reports standalone net profit of Rs 553.69 cr against a net loss of Rs 539.06 crore last year in Q2

The Steel Authority of India Ltd (SAIL) on Friday reported a standalone profit after tax of Rs 553.69 crore for the second quarter of 2018-19.

The company had posted a net loss of Rs 539.06 crore in the July-September period of the previous financial year.

"The numbers indicate a fast recovery in the company's profitability, operational performance and a collective effort towards driving the full advantage of modernisation and expansion," the company said in a statement.

The company's turnover during the period under review rose 23 percent to Rs 16,541 crore.

"Showing overall improvements including operational performance, the EBITDA (earnings before interest, tax, depreciation, and amortization) for Q2 FY19 at Rs 2,473.54 crore improved 156 percent over CPLY (corresponding period last year) which was Rs 966.56 crore," the statement said.

(With inputs from agencies.)