Pension fund pilferage: 4 Durgapur steel staffs arrested
An accounts department employee of SAIL's Durgapur Steel Plant was arrested today on charges of multi-crore pilferage of pension funds meant for the plant employees.
The unprecedented increase in the prices of imported and indigenous coking coal, India’s leading steel manufacturing PSU, SAIL (Steel Authority of India Ltd) failed to maintain its profit targets during the third quarter of this fiscal year.
Despite increasing its production during quarter three of 2021-22, the net profit of the company has come down from Rs 4303 crore in Quarter two to Rs 1443 Crore three, as announced by the company.
“The company has delivered one of its best physical performances during the quarter as well as nine months ending 31st Dec 2021. However, the same is not reflected in the financial performance of Q3 FY ’22 due to various factors beyond the control of the company which primarily include unprecedented increase in the prices of imported and indigenous coking coal,” said a senior officer of the Ministry of Steel.
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He said the performance of the company is likely to improve in the coming quarters with the overall positive outlook in the economy and the announcements in the Union Budget for increasing the infrastructure spending. The company’s focus remains to lower its borrowings and this is reflected in the reduction of about 15% over Q2, the Ministry said.
Giving details of the company’s performance, the Ministry said if the net profit of first three quarters of 2021-22 is compared with the net profit of first three quarters of 2020-21, it has increased to Rs 9597 crore from Rs 406 crore. Similarly, the revenues from operations also grew by 28% at Rs 25,245 Crore in Q3 FY’22 and 59% at Rs 72,715 Crore in 9M FY’22 over CPLY, it added.
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