The audited financial results of Steel Authority of India limited (SAIl) for the financial year 2015-16 were taken on record by the Board of Directors here on Monday.

 The Company witnessed all round improvement in performance in Q4, FY16 clocking record sales of 3.79 MT, which is the highest ever in a quarter by it and higher by 30 per cent over Q3, FY16 and 20 per cent higher over corresponding period of last year (CPlY).

During the quarter ending March 2016, the EBIDTA improved by 26 per cent over the quarter ending December, 2015 in spite of a lower NSR. The debt equity ratio of the Company improved to 0.85 on 31st March 2016 from 0.90 on 31st December 2015.

The management initiatives towards cost reduction and improved inventory management also contributed to the improvement in financial parameters. Expenditure per tonne of saleable steel came down by around 10 per cent during Q4, FY16 as compared to Q3 on account of reduction in cost of production, higher volumes and other management initiatives. 

Company's sales turnover in Q4, FY16 was Rs 12,612 crore as against Rs 9,928 crore in Q3, FY16 on account of higher volumes. In spite of 20 per cent higher sales, SAIl’s gross turnover for Q4, FY16 was impacted by lower NSR and it stood at Rs 12,612 crore as against Rs 12,886 crore in Q4, FY15.

The Company’s sales turnover for FY16, in spite of higher volumes, was also lower at Rs 43,337 crore compared to Rs 50,627 crore in FY15 due to reduction in NSR. Speaking on the occasion, Chairman, SAIl, PK Singh said “The challenging conditions faced by domestic industry received some respite after introduction of the conducive policy measures by Government in the form of safeguard duty and MIP.”