New Delhi, May 21 (IANS): Government-owned Steel Authority of India Limited (SAIL) has recorded its highest-ever revenue from operations at Rs 105,375 crore during the financial year 2023-24. The company had recorded a revenue of Rs 104,447 crore in 2022-23, according to a company statement.

“During FY 2023-24, the company has achieved its best-ever performance in production and sales. The crude steel production and sales volume have registered a growth of 5.2 per cent and 5.1 per cent respectively during FY’24 over the previous year,” according to a SAIL statement.

However, the steel giant’s consolidated net profit for the January-March quarter declined by 3 per cent to Rs 1,126 crore from Rs 1,159 crore due to lower steel prices compared to last year.

SAIL’s board of directors has recommended a final dividend of Rs 1 per equity share i.e. 10 per cent of face value for the Financial Year 2023-24, subject to the approval of the shareholders at the AGM. The company had earlier paid an interim dividend of Rs 1 per equity share during the year.

Commenting on the results, SAIL chairman Amarendu Prakash said, “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 is 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”.

Last week, the SAIL Chairman said that the steel major is keeping a close watch on Chinese imports after the United States raised tariffs on goods from China. There are fears that China may start dumping its excess production in other countries at cheap prices.