India’s largest public steel company, SAIL, reported a multi-fold jump in its net profits at Rs.2648 for the Mar-20 quarter. This was largely driven by a sharp control on expenses. This is nearly a 5-fold increase in net profit compared to the Rs.548 crore reported in the Mar-19 quarter. Total income was 10% lower at Rs.16,575 crore in the quarter.

But the real reason for higher profits was the quarterly expenses falling sharply from Rs.17,964 crore last year to just Rs.11,682 crore this year. During the financial year 2019-20, SAIL achieved crude steel production of 16.15 million tonnes and also managed to achieve full year sales of 14.23 million tonnes for the full year.