Steel Authority of India Limited (SAIL) has announced its financial results for the fourth quarter and the fiscal year ending 31st March 2024. The company has reported its highest ever performance in both production and sales for the fiscal year 2023-24.

SAIL's crude steel production and sales volumes have surged by 5.2% and 5.1% respectively compared to the previous year, marking a significant achievement. This growth has propelled the company’s Revenue from Operations to new heights, crossing the Rs. 1,00,000 crore mark for the third consecutive year.

The Board of Directors has recommended a final dividend of Rs. 1 per equity share, which constitutes 10% of the face value, pending approval from shareholders at the upcoming Annual General Meeting (AGM). This follows an interim dividend of Rs. 1 per equity share already disbursed during the year.

In his statement, the Chairman of SAIL Amarendu Prakash emphasized the strong performance and robust demand in the Indian steel market. He highlighted the company's strategic initiatives aimed at increasing production volumes, diversifying product offerings with value-added products, and enhancing operational efficiencies. These efforts have been pivotal in SAIL's year-on-year improved performance.

“The Indian steel markets have remained quite robust, showcasing continual growth in demand. SAIL has been taking various initiatives towards increasing volumes, adding value-added products to its product basket, and improving efficiency levels which are reflected in the improved physical performance year on year. The Company will continue to work on improving its performance further to tap into the buoyancy in the growing Indian Steel Market,” said the Chairman.

With a focus on innovation and efficiency, SAIL is poised to capitalize on the promising outlook of the Indian steel industry, aiming for sustained growth and value creation for its shareholders.