Steel Authority of India

Standalone Balance Sheet in Rs. Cr.

Mar 21 Mar 20
12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 4,130.53 4,130.53
Total Share Capital 4,130.53 4,130.53
Reserves and Surplus 39,364.35 35,646.85
Total Reserves and Surplus 39,364.35 35,646.85
Total Shareholders Funds 43,494.88 39,777.38
NON-CURRENT LIABILITIES
Long Term Borrowings 19,725.96 34,560.03
Deferred Tax Liabilities [Net] 1,253.16 0
Other Long Term Liabilities 1,671.04 1,699.76
Long Term Provisions 4,525.89 4,108.80
Total Non-Current Liabilities 27,176.05 40,368.59
CURRENT LIABILITIES
Short Term Borrowings 15,850.24 16,640.78
Trade Payables 7,014.41 6,320.38
Other Current Liabilities 21,584.24 19,635.75
Short Term Provisions 2,039.84 2,354.93
Total Current Liabilities 46,488.73 44,951.84
Total Capital And Liabilities 117,159.66 125,097.81
ASSETS
NON-CURRENT ASSETS
Tangible Assets 76,478.24 67,574.50
Intangible Assets 0 1,443.42
Capital Work-In-Progress 0 8,751.56
Other Assets 0 1.12
Fixed Assets 76,478.24 77,770.60
Non-Current Investments 1,595.01 1,584.98
Deferred Tax Assets [Net] 216.78 2,078.99
Long Term Loans And Advances 756.23 664.59
Other Non-Current Assets 6,137.28 2,080.20
Total Non-Current Assets 85,183.54 84,179.36
CURRENT ASSETS
Inventories 15,272.04 23,747.20
Trade Receivables 7,124.00 8,812.39
Cash And Cash Equivalents 680.52 363.25
Short Term Loans And Advances 50.47 49.67
OtherCurrentAssets 8,849.09 7,945.94
Total Current Assets 31,976.12 40,918.45
Total Assets 117,159.66 125,097.81
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 0 50,723.81
CIF VALUE OF IMPORTS
Raw Materials 0 22,734.24
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 0 139.67
REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS
Dividend Remittance In Foreign Currency - -
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods - -
Other Earnings - 3,619.68
BONUS DETAILS
Bonus Equity Share Capital - -
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value - 5.06
Non-Current Investments Unquoted Book Value - 1,579.92
CURRENT INVESTMENTS
Current Investments Quoted Market Value - -
Current Investments Unquoted Book Value - -
 Steel Authority of India
Standalone Profit & Loss account In Rs. Cr.
Mar 21 Mar 20

12 mths 12 mths

INCOME
Revenue From Operations [Gross] 69,110.02 61,047.77
Less: Excise/Sevice Tax/Other Levies 0 0
Revenue From Operations [Net] 69,110.02 61,047.77
Other Operating Revenues 0 612.78
Total Operating Revenues 69,110.02 61,660.55
Other Income 1,011.69 985.22
Total Revenue 70,121.71 62,645.77
EXPENSES
Cost Of Materials Consumed 23,136.17 29,212.87
Changes In Inventories Of FG,WIP And Stock-In Trade 4,268.58 -5,555.82
Employee Benefit Expenses 10,445.94 8,781.32
Finance Costs 2,817.14 3,486.76
Depreciation And Amortisation Expenses 4,102.00 3,755.05
Other Expenses 18,531.28 19,023.17
Total Expenses 63,301.11 58,703.35
Mar 21 Mar 20

12 mths 12 mths

Profit/Loss Before Exceptional, ExtraOrdinary Items 6,820.60 3,942.42

Exceptional Items 58.43 -771.76
Profit/Loss Before Tax 6,879.03 3,170.66
Tax Expenses-Continued Operations
Current Tax 3,029.01 224.14
Less: MAT Credit Entitlement 0 214.75
Deferred Tax 0 1,073.73
Tax For Earlier Years 0 66
Total Tax Expenses 3,029.01 1,149.12

Profit/Loss After Tax And Before ExtraOrdinary Items 3,850.02 2,021.54

Profit/Loss From Continuing Operations 3,850.02 2,021.54
Profit/Loss For The Period 3,850.02 2,021.54
Mar 21 Mar 20

12 mths 12 mths

OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE
Basic EPS (Rs.) 9.32 4.89
Diluted EPS (Rs.) 9.32 4.89
VALUE OF IMPORTED AND INDIGENIOUS RAW
MATERIALS
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Dividend Rate (%) 28 0
 Steel Authority of India
Standalone Balance Sheet In Rs. Cr.
Mar 21 Mar 20
A B
12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 4,130.53 4,130.53
Total Share Capital 4,130.53 4,130.53
Reserves and Surplus 39,364.35 35,646.85
Total Reserves and Surplus 39,364.35 35,646.85
Total Shareholders Funds 43,494.88 39,777.38
NON-CURRENT LIABILITIES
Long Term Borrowings 19,725.96 34,560.03
Deferred Tax Liabilities [Net] 1,253.16 0
Other Long Term Liabilities 1,671.04 1,699.76
Long Term Provisions 4,525.89 4,108.80
Total Non-Current Liabilities 27,176.05 40,368.59
CURRENT LIABILITIES
Short Term Borrowings 15,850.24 16,640.78
Trade Payables 7,014.41 6,320.38
Other Current Liabilities 21,584.24 19,635.75
Short Term Provisions 2,039.84 2,354.93
Total Current Liabilities 46,488.73 44,951.84
Total Capital And Liabilities 117,159.66 125,097.81
ASSETS
NON-CURRENT ASSETS
Tangible Assets 76,478.24 67,574.50
Intangible Assets 0 1,443.42
Capital Work-In-Progress 0 8,751.56
Other Assets 0 1.12
Fixed Assets 76,478.24 77,770.60
Non-Current Investments 1,595.01 1,584.98
Deferred Tax Assets [Net] 216.78 2,078.99
Long Term Loans And Advances 756.23 664.59
Other Non-Current Assets 6,137.28 2,080.20
Total Non-Current Assets 85,183.54 84,179.36
CURRENT ASSETS
Inventories 15,272.04 23,747.20
Trade Receivables 7,124.00 8,812.39
Cash And Cash Equivalents 680.52 363.25
Short Term Loans And Advances 50.47 49.67
OtherCurrentAssets 8,849.09 7,945.94
Total Current Assets 31,976.12 40,918.45
Total Assets 117,159.66 125,097.81
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 0 50,723.81
CIF VALUE OF IMPORTS
Raw Materials 0 22,734.24
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 0 139.67
REMITTANCES IN FOREIGN CURRENCIES FOR
DIVIDENDS
Dividend Remittance In Foreign Currency 0 0
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods 0 0
Other Earnings 0 3,619.68
BONUS DETAILS
Bonus Equity Share Capital 0 0
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value 0 5.06
Non-Current Investments Unquoted Book Value 0 1,579.92
CURRENT INVESTMENTS
Current Investments Quoted Market Value 0 0
Current Investments Unquoted Book Value 0 0
ndia Absolute
Change(Increase/ Percentage
In Decrease)
Rs. Cr. in Rs. Change(Increase/
Cr. Decrease) %
C= A-B D= (C/B)*100

0.00 0.00
0.00 0.00
3,717.50 10.43
3,717.50 10.43
3,717.50 9.35

-14,834.07 -42.92
1,253.16
-28.72 -1.69
417.09 10.15
-13,192.54 -32.68

-790.54 -4.75
694.03 10.98
1,948.49 9.92
-315.09 -13.38
1,536.89 3.42
-7,938.15 -6.35

8,903.74 13.18
-1,443.42 -100.00
-8,751.56 -100.00
-1.12 -100.00
-1,292.36 -1.66
10.03 0.63
-1,862.21 -89.57
91.64 13.79
4,057.08 195.03
1,004.18 1.19

-8,475.16 -35.69
-1,688.39 -19.16
317.27 87.34
0.80 1.61
 903.15 11.37
-8,942.33 -21.85
-7,938.15 -6.35

-50,723.81 -100.00

-22,734.24 -100.00

-139.67 -100.00

0.00

3,619.68 100.00
0.00
0.00
0.00
-5.06 -100.00
-1,579.92 -100.00
0.00
0.00
0.00
Standalone Balance Sheet

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital
Total Share Capital
Reserves and Surplus
Total Reserves and Surplus
Total Shareholders Funds
NON-CURRENT LIABILITIES
Long Term Borrowings
Deferred Tax Liabilities [Net]
Other Long Term Liabilities
Long Term Provisions
Total Non-Current Liabilities
CURRENT LIABILITIES
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
Total Current Liabilities
Total Capital And Liabilities
ASSETS
NON-CURRENT ASSETS
Tangible Assets
Intangible Assets
Capital Work-In-Progress
Other Assets
Fixed Assets
Non-Current Investments
Deferred Tax Assets [Net]
Long Term Loans And Advances
Other Non-Current Assets
Total Non-Current Assets
CURRENT ASSETS
Inventories
Trade Receivables
Cash And Cash Equivalents
Short Term Loans And Advances
OtherCurrentAssets
Total Current Assets
Total Assets
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities
CIF VALUE OF IMPORTS
Raw Materials
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency
REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS
Dividend Remittance In Foreign Currency
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods
Other Earnings
BONUS DETAILS
Bonus Equity Share Capital
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value
Non-Current Investments Unquoted Book Value
CURRENT INVESTMENTS
Current Investments Quoted Market Value
Current Investments Unquoted Book Value
 in Rs. Cr. Percentage of Balance Sheet T
Previous Year(%)
Mar 20 Mar 21
12 mths 12 mths

4,130.53 4,130.53 3.30%

4,130.53 4,130.53 3.30%
35,646.85 39,364.35 28.50%
35,646.85 39,364.35 28.50%
39,777.38 43,494.88 31.80%

34,560.03 19,725.96 27.63%

0 1,253.16 0.00%
1,699.76 1,671.04 1.36%
4,108.80 4,525.89 3.28%
40,368.59 27,176.05 32.27%
0.00%
16,640.78 15,850.24 13.30%
6,320.38 7,014.41 5.05%
19,635.75 21,584.24 15.70%
2,354.93 2,039.84 1.88%
44,951.84 46,488.73 35.93%
125,097.81 117,159.66 100.00%

67,574.50 76,478.24 54.02%

1,443.42 0 1.15%
8,751.56 0 7.00%
1.12 0 0.00%
77,770.60 76,478.24 62.17%
1,584.98 1,595.01 1.27%
2,078.99 216.78 1.66%
664.59 756.23 0.53%
2,080.20 6,137.28 1.66%
84,179.36 85,183.54 67.29%
0.00%
23,747.20 15,272.04 18.98%
8,812.39 7,124.00 7.04%
363.25 680.52 0.29%
49.67 50.47 0.04%
7,945.94 8,849.09 6.35%
40,918.45 31,976.12 32.71%
125,097.81 117,159.66 100.00%

50,723.81 0 40.55%

22,734.24 0 18.17%
0.00%
139.67 0 0.11%

- -

- -
3,619.68 - 2.89%

5.06 - 0.00%
1,579.92 - 1.26%

- -
- -
e of Balance Sheet Total
Current Year(%)

3.53%
3.53%
33.60%
33.60%
37.12%

16.84%
1.07%
1.43%
3.86%
23.20%
0.00%
13.53%
5.99%
18.42%
1.74%
39.68%
100.00%

65.28%
0.00%
0.00%
0.00%
65.28%
1.36%
0.19%
0.65%
5.24%
72.71%
0.00%
13.04%
6.08%
0.58%
0.04%
7.55%
27.29%
100.00%

0.00%
0.00%
0.00%
0.00%
0.00%
Steel Authority of India
Standalone Profit & Loss account

INCOME
Revenue From Operations [Gross]
Less: Excise/Sevice Tax/Other Levies
Revenue From Operations [Net]
Other Operating Revenues
Total Operating Revenues
Other Income
Total Revenue
EXPENSES
Cost Of Materials Consumed
Changes In Inventories Of FG,WIP And Stock-In Trade
Employee Benefit Expenses
Finance Costs
Depreciation And Amortisation Expenses
Other Expenses
Total Expenses

Profit/Loss Before Exceptional, ExtraOrdinary Items A

Exceptional Items
Profit/Loss Before Tax
Tax Expenses-Continued Operations
Current Tax
Less: MAT Credit Entitlement
Deferred Tax
Tax For Earlier Years
Total Tax Expenses
Profit/Loss After Tax And Before ExtraOrdinary Items
Profit/Loss From Continuing Operations
Profit/Loss For The Period

OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE
Basic EPS (Rs.)
Diluted EPS (Rs.)
VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Dividend Rate (%)
 In Rs. Cr.
A B
As at 31st March, 2020 As at 31st March, 2021

61,047.77 69,110.02
0.00 0.00
61,047.77 69,110.02
612.78 0
61,660.55 69,110.02
985.22 1,011.69
62,645.77 70,121.71

29,212.87 23,136.17
-5,555.82 4,268.58
8,781.32 10,445.94
3,486.76 2,817.14
3,755.05 4,102.00
19,023.17 18,531.28
58,703.35 63,301.11
20-Mar 21-Mar

12 mths 12 mths

3,942.42 6,820.60
-771.76 58.43
3,170.66 6,879.03

224.14 3,029.01
214.75 0.00
1,073.73 0.00
66.00 0.00
1,149.12 3,029.01
2,021.54 3,850.02
2,021.54 3,850.02
2,021.54 3,850.02
20-Mar 21-Mar

12 mths 12 mths

4.89 9.32
4.89 9.32
W MATERIALS

0 28
ABSOLUTE CHANGE(Increase or Decrease) in Rs.
(C=B-A)

8,062.25
0.00
8,062.25
-612.78
7,449.47
26.47
7,475.94

-6,076.70
9,824.40
1,664.62
-669.62
346.95
-491.89
4,597.76

0
2,878.18
830.19
3,708.37
0
2,804.87
-214.75
-1,073.73
-66.00
1,879.89
1,828.48
1,828.48
1,828.48

4.43
4.43
 0
0
0
28
PERCENTAGE CHANGE (Increase or Decrease)(%)
D= (C/A)*100%

1320.65%

1320.65%
-10000.00%
1208.14%
268.67%
1193.37%

-2080.14%
-17683.08%
1895.64%
-1920.46%
923.96%
-258.57%
783.22%

7300.54%
-10757.10%
11695.89%

125139.20%
-10000.00%
-10000.00%
-10000.00%
16359.39%
9044.99%
9044.99%
9044.99%

9059.30%
9059.30%
Steel Authority of India
Standalone Profit & Loss account

INCOME
Revenue From Operations [Gross]
Less: Excise/Sevice Tax/Other Levies
Revenue From Operations [Net]
Other Operating Revenues
Total Operating Revenues
Other Income
Total Revenue
EXPENSES
Cost Of Materials Consumed
Changes In Inventories Of FG,WIP And Stock-In Trade
Employee Benefit Expenses
Finance Costs
Depreciation And Amortisation Expenses
Other Expenses
Total Expenses

Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax

Exceptional Items
Profit/Loss Before Tax
Tax Expenses-Continued Operations
Current Tax
Less: MAT Credit Entitlement
Deferred Tax
Tax For Earlier Years
Total Tax Expenses
Profit/Loss After Tax And Before ExtraOrdinary Items
Profit/Loss From Continuing Operations
Profit/Loss For The Period

OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE
Basic EPS (Rs.)
Diluted EPS (Rs.)
VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Dividend Rate (%)
 In Rs. Cr.
A B
As at 31st March, 2020 As at 31st March, 2021

61,047.77 69,110.02
0.00 0.00
61,047.77 69,110.02
612.78 0
61,660.55 69,110.02
985.22 1,011.69
62,645.77 70,121.71

29,212.87 23,136.17
-5,555.82 4,268.58
8,781.32 10,445.94
3,486.76 2,817.14
3,755.05 4,102.00
19,023.17 18,531.28
58,703.35 63,301.11
20-Mar 21-Mar

12 mths 12 mths

3,942.42 6,820.60
-771.76 58.43
3,170.66 6,879.03

224.14 3,029.01
214.75 0.00
1,073.73 0.00
66.00 0.00
1,149.12 3,029.01
2,021.54 3,850.02
2,021.54 3,850.02
2,021.54 3,850.02
20-Mar 21-Mar

12 mths 12 mths

4.89 9.32
4.89 9.32
0 28
 Percentage of Balance Sheet Total
Previous Year(%) Current Year(%)

100.00% 100.00%
0.00% 0.00%
100.00% 100.00%
1.00% 0.00%
101.00% 100.00%
1.61% 1.46%
102.62% 101.46%
0.00%
47.85% 33.48%
-9.10% 6.18%
14.38% 15.11%
5.71% 4.08%
6.15% 5.94%
31.16% 26.81%
96.16% 91.59%

6.46% 9.87%
-1.26% 0.08%
5.19% 9.95%
0.00% 0.00%
0.37% 4.38%
0.35% 0.00%
1.76% 0.00%
0.11% 0.00%
1.88% 4.38%
3.31% 5.57%
3.31% 5.57%
3.31% 5.57%
72.53% 64.07%

0.01% 0.01%
0.01% 0.01%
0.00% 0.04%
 Steel Authority of India
Standalone Profit & Loss account

INCOME
Revenue From Operations [Gross]
Less: Excise/Sevice Tax/Other Levies
Revenue From Operations [Net]
Other Operating Revenues
Total Operating Revenues
Other Income
Total Revenue
EXPENSES
Cost Of Materials Consumed
Changes In Inventories Of FG,WIP And Stock-In Trade
Employee Benefit Expenses
Finance Costs
Depreciation And Amortisation Expenses
Other Expenses
Total Expenses

Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax

Exceptional Items
Profit/Loss Before Tax
Tax Expenses-Continued Operations
Current Tax
Less: MAT Credit Entitlement
Deferred Tax
Tax For Earlier Years
Total Tax Expenses
Profit/Loss After Tax And Before ExtraOrdinary Items
Profit/Loss From Continuing Operations
Profit/Loss For The Period
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.)
Diluted EPS (Rs.)
VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Dividend Rate (%)
uthority of India
In Rs. Cr.
Mar 21 Mar 20 19-Mar 18-Mar

12 mths 12 mths 12 mths 12 mths

69,110.02 61,047.77 61,047.77 66,295.83

0 0 0 0
69,110.02 61,047.77 61,047.77 66,295.83
0 612.78 612.78 671.48
69,110.02 61,660.55 61,660.55 66,967.31
1,011.69 985.22 985.22 532.82
70,121.71 62,645.77 62,645.77 67,500.13

23,136.17 29,212.87 29,212.87 32,290.91

4,268.58 -5,555.82 -5,555.82 -2,716.62
10,445.94 8,781.32 8,781.32 8,830.34
2,817.14 3,486.76 3,486.76 3,154.92
4,102.00 3,755.05 3,755.05 3,384.72
18,531.28 19,023.17 19,023.17 18,828.57
63,301.11 58,703.35 58,703.35 63,772.84
Mar 21 Mar 20 20-Mar 19-Mar

12 mths 12 mths 12 mths 12 mths

6,820.60 3,942.42 3,942.42 3,727.29

58.43 -771.76 -771.76 -389.4
6,879.03 3,170.66 3,170.66 3,337.89

3,029.01 224.14 224.14 0

0 214.75 214.75 0
0 1,073.73 1,073.73 1,154.23
0 66 66 4.84
3,029.01 1,149.12 1,149.12 1,159.07
3,850.02 2,021.54 2,021.54 2,178.82
3,850.02 2,021.54 2,021.54 2,178.82
3,850.02 2,021.54 2,021.54 2,178.82
Mar 21 Mar 20 20-Mar 19-Mar

12 mths 12 mths 12 mths 12 mths

9.32 4.89 4.89 5.27
9.32 4.89 4.89 5.27

28 0 0 5
 TREND
2017-2018 2018-2019 2019-2020 2020-2021
100.00% 92.08% 92.08% 104.24%

100.00% 92.08% 92.08% 104.24%

100.00% 91.26% 91.26% 0.00%
100.00% 92.08% 92.08% 103.20%
100.00% 184.91% 184.91% 189.87%
100.00% 92.81% 92.81% 103.88%

100.00% 90.47% 90.47% 71.65%

100.00% 204.51% 204.51% -157.13%
100.00% 99.44% 99.44% 118.30%
100.00% 110.52% 110.52% 89.29%
100.00% 110.94% 110.94% 121.19%
100.00% 101.03% 101.03% 98.42%
100.00% 92.05% 92.05% 99.26%
100.00% 100.00% 100.00% 100.00%

100.00% 105.77% 105.77% 182.99%

100.00% 198.19% 198.19% -15.01%
100.00% 94.99% 94.99% 206.09%

100.00% 93.03% 93.03% 0.00%

100.00% 1363.64% 1363.64% 0.00%
100.00% 99.14% 99.14% 261.33%
100.00% 92.78% 92.78% 176.70%
100.00% 92.78% 92.78% 176.70%
100.00% 92.78% 92.78% 176.70%
100.00% 100.00% 100.00% 100.00%
100.00% 92.79% 92.79% 176.85%
100.00% 92.79% 92.79% 176.85%

100.00% 0.00% 0.00% 560.00%

 Standalone Balance Sheet

As at 31st March, 2021

12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 4,130.53
Total Share Capital 4,130.53
Reserves and Surplus 39,364.35
Total Reserves and Surplus 39,364.35
Total Shareholders Funds 43,494.88
NON-CURRENT LIABILITIES
Long Term Borrowings 19,725.96
Deferred Tax Liabilities [Net] 1,253.16
Other Long Term Liabilities 1,671.04
Long Term Provisions 4,525.89
Total Non-Current Liabilities 27,176.05
CURRENT LIABILITIES
Short Term Borrowings 15,850.24
Trade Payables 7,014.41
Other Current Liabilities 21,584.24
Short Term Provisions 2,039.84
Total Current Liabilities 46,488.73
Total Capital And Liabilities 117,159.66
ASSETS
NON-CURRENT ASSETS
Tangible Assets 76,478.24
Intangible Assets 0
Capital Work-In-Progress 0
Other Assets 0
Fixed Assets 76,478.24
Non-Current Investments 1,595.01
Deferred Tax Assets [Net] 216.78
Long Term Loans And Advances 756.23
Other Non-Current Assets 6,137.28
Total Non-Current Assets 85,183.54
CURRENT ASSETS
Inventories 15,272.04
Trade Receivables 7,124.00
Cash And Cash Equivalents 680.52
Short Term Loans And Advances 50.47
OtherCurrentAssets 8,849.09
Total Current Assets 31,976.12
Total Assets 117,159.66
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 0
CIF VALUE OF IMPORTS
Raw Materials 0
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 0
REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS
Dividend Remittance In Foreign Currency -
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods -
Other Earnings -
BONUS DETAILS
Bonus Equity Share Capital -
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value -
Non-Current Investments Unquoted Book Value -
CURRENT INVESTMENTS
Current Investments Quoted Market Value -
Current Investments Unquoted Book Value -
 --
in Rs. Cr.

As at 31st March, 2020 As at 31st March, 2019 As at 31st March, 2018

12 mths

4,130.53 4,130.53 4,130.53

4,130.53 4,130.53 4,130.53
35,646.85 34,021.04 31,583.14
35,646.85 34,021.04 31,583.14
39,777.38 38,151.57 35,713.67

34,560.03 4,130.53 29,777.16

0 4,130.53 0
1,699.76 34,021.04 1,324.07
4,108.80 34,021.04 3,973.28
40,368.59 38,151.57 35,074.51

16,640.78 10,631.22 12,244.32

6,320.38 7,257.99 7,540.50
19,635.75 21,399.48 21,312.62
2,354.93 2,308.77 2,304.18
44,951.84 41,597.46 43,401.62
125,097.81 116,437.73 114,189.80

67,574.50 59,907.26 57,156.09

1,443.42 1,450.86 1,454.63
8,751.56 16,013.50 18,395.43
1.12 1.09 0.83
77,770.60 77,372.71 77,006.98
1,584.98 1,584.75 1,491.30
2,078.99 2,898.38 4,185.27
664.59 563.98 451.46
2,080.20 1,768.64 1,416.59
84,179.36 84,188.46 84,551.60

23,747.20 19,441.80 16,996.67

8,812.39 4,495.05 3,869.94
363.25 219.42 254.06
49.67 53.24 63.41
7,945.94 8,039.76 8,454.12
40,918.45 32,249.27 29,638.20
125,097.81 116,437.73 114,189.80

50,723.81 37,336.25 0

22,734.24 25,857.51 3,771.22

139.67 259.23 180.62

-
3,619.68 2,872.64 2,243.70

5.06 22.34 15.8

1,579.92 1,583.14 1,475.50

-
-
 TREND
2017-18 2018-19 2019-20 2020-21
100.00% 100.00% 100.00% 100.00%
100.00% 100.00% 100.00% 100.00%
100.00% 107.72% 112.87% 124.64%
100.00% 107.72% 112.87% 124.64%
100.00% 106.83% 111.38% 121.79%

100.00% 13.87% 116.06% 66.25%

100.00% 2569.43% 128.37% 126.20%

100.00% 856.25% 103.41% 113.91%
100.00% 108.77% 115.09% 77.48%

100.00% 86.83% 135.91% 129.45%

100.00% 96.25% 83.82% 93.02%
100.00% 100.41% 92.13% 101.27%
100.00% 100.20% 102.20% 88.53%
100.00% 95.84% 103.57% 107.11%
100.00% 101.97% 109.55% 102.60%

100.00% 104.81% 118.23% 133.81%

100.00% 99.74% 99.23% 0.00%
100.00% 87.05% 47.57% 0.00%
100.00% 131.33% 134.94% 0.00%
100.00% 100.47% 100.99% 99.31%
100.00% 106.27% 106.28% 106.95%
100.00% 69.25% 49.67% 5.18%
100.00% 124.92% 147.21% 167.51%
100.00% 124.85% 146.85% 433.24%
100.00% 99.57% 99.56% 100.75%

100.00% 114.39% 139.72% 89.85%

100.00% 116.15% 227.71% 184.09%
100.00% 86.37% 142.98% 267.86%
100.00% 83.96% 78.33% 79.59%
100.00% 95.10% 93.99% 104.67%
100.00% 108.81% 138.06% 107.89%
100.00% 101.97% 109.55% 102.60%

100.00% 685.65% 602.84% 0.00%

100.00% 143.52% 77.33% 0.00%

100.00% 128.03% 161.33%

100.00% 141.39% 32.03%

100.00% 107.30% 107.08%
 Steel Authority of India
Standalone Balance Sheet in Rs. Cr.

Mar 21 Mar 20
12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 4,130.53 4,130.53
Total Share Capital 4,130.53 4,130.53
Reserves and Surplus 39,364.35 35,646.85
Total Reserves and Surplus 39,364.35 35,646.85
Total Shareholders Funds 43,494.88 39,777.38
NON-CURRENT LIABILITIES
Long Term Borrowings 19,725.96 34,560.03
Deferred Tax Liabilities [Net] 1,253.16 0
Other Long Term Liabilities 1,671.04 1,699.76
Long Term Provisions 4,525.89 4,108.80
Total Non-Current Liabilities 27,176.05 40,368.59
CURRENT LIABILITIES
Short Term Borrowings 15,850.24 16,640.78
Trade Payables 7,014.41 6,320.38
Other Current Liabilities 21,584.24 19,635.75
Short Term Provisions 2,039.84 2,354.93
Total Current Liabilities 46,488.73 44,951.84
Total Capital And Liabilities 117,159.66 125,097.81
ASSETS
NON-CURRENT ASSETS
Tangible Assets 76,478.24 67,574.50
Intangible Assets 0 1,443.42
Capital Work-In-Progress 0 8,751.56
Other Assets 0 1.12
Fixed Assets 76,478.24 77,770.60
Non-Current Investments 1,595.01 1,584.98
Deferred Tax Assets [Net] 216.78 2,078.99
Long Term Loans And Advances 756.23 664.59
Other Non-Current Assets 6,137.28 2,080.20
Total Non-Current Assets 85,183.54 84,179.36
CURRENT ASSETS
Inventories 15,272.04 23,747.20
Trade Receivables 7,124.00 8,812.39
Cash And Cash Equivalents 680.52 363.25
Short Term Loans And Advances 50.47 49.67
OtherCurrentAssets 8,849.09 7,945.94
Total Current Assets 31,976.12 40,918.45
Total Assets 117,159.66 125,097.81
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 0 50,723.81
CIF VALUE OF IMPORTS
Raw Materials 0 22,734.24
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 0 139.67
REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS
Dividend Remittance In Foreign Currency - -
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods - -
Other Earnings - 3,619.68
BONUS DETAILS
Bonus Equity Share Capital - -
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value - 5.06
Non-Current Investments Unquoted Book Value - 1,579.92
CURRENT INVESTMENTS
Current Investments Quoted Market Value - -
Current Investments Unquoted Book Value - -
 Liquidity Ratios
S.NO. Ratios
1 Current Ratio= Current Assets/ Current Liabilities
2 Quick Ratio= Quick Assets/ Current Liabilities
3 Absolute Quick Ratio= Absolute Quick Assets/ Current Liabilities

ANALYSIS
1. Liquidity Ratios shows the company's ability to meet its short- term finacial obligations.

2. The ideal current ratio is 2. Since for SAIL, the current ratio is less than 2 for both the years, it m
face problems in meeting its current obligations.

3. The ideal Quick Ratio is 1. Since for SAIL, the quick ratio is less than 1 for both the years, it mea
liabilites are more than its quick assets, thus the company will face difficulty in meeting its shoert- t
obligations

4. The ideal absolute quick ratio is 0.5. Since for SAIL, the Absolute quick ratio is less than 0.5 for
represents the company’s day-to-day cash management in a poor light
 Working Notes
2020 2021 2020 2021
0.910273083371 0.68782519978498 Quick Assets 17,171.25 16,704.08
0.381992149821 0.359314612380248
0.008080870549 0.014638386550891

m finacial obligations.

than 2 for both the years, it means that it will

han 1 for both the years, it means that current

ifficulty in meeting its shoert- term financial

quick ratio is less than 0.5 for both the years. it

ght
 Steel Authority of India
Standalone Balance Sheet in Rs. Cr.

Mar 21 Mar 20
12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 4,130.53 4,130.53
Total Share Capital 4,130.53 4,130.53
Reserves and Surplus 39,364.35 35,646.85
Total Reserves and Surplus 39,364.35 35,646.85 Solvency Ratio
Total Shareholders Funds 43,494.88 39,777.38 obligations.
NON-CURRENT LIABILITIES
Long Term Borrowings 19,725.96 34,560.03 1. The ideal Deb
that it is depend
Deferred Tax Liabilities [Net] 1,253.16 0
2. Since the pro
Other Long Term Liabilities 1,671.04 1,699.76 lenders and cre

Long Term Provisions 4,525.89 4,108.80 3. Fixed assets

are supplied by
Total Non-Current Liabilities 27,176.05 40,368.59
CURRENT LIABILITIES
Short Term Borrowings 15,850.24 16,640.78
Trade Payables 7,014.41 6,320.38
Other Current Liabilities 21,584.24 19,635.75
Short Term Provisions 2,039.84 2,354.93
Total Current Liabilities 46,488.73 44,951.84
Total Capital And Liabilities 117,159.66 125,097.81
ASSETS
NON-CURRENT ASSETS
Tangible Assets 76,478.24 67,574.50
Intangible Assets 0 1,443.42
Capital Work-In-Progress 0 8,751.56
Other Assets 0 1.12
Fixed Assets 76,478.24 77,770.60
Non-Current Investments 1,595.01 1,584.98
Deferred Tax Assets [Net] 216.78 2,078.99
Long Term Loans And Advances 756.23 664.59
Other Non-Current Assets 6,137.28 2,080.20
Total Non-Current Assets 85,183.54 84,179.36
CURRENT ASSETS
Inventories 15,272.04 23,747.20
Trade Receivables 7,124.00 8,812.39
Cash And Cash Equivalents 680.52 363.25
Short Term Loans And Advances 50.47 49.67
OtherCurrentAssets 8,849.09 7,945.94
Total Current Assets 31,976.12 40,918.45
Total Assets 117,159.66 125,097.81
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 0 50,723.81
CIF VALUE OF IMPORTS
Raw Materials 0 22,734.24
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 0 139.67
REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDEND
Dividend Remittance In Foreign Currency - -
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods - -
Other Earnings - 3,619.68
BONUS DETAILS
Bonus Equity Share Capital - -
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value - 5.06
Non-Current Investments Unquoted Book Value - 1,579.92
CURRENT INVESTMENTS
Current Investments Quoted Market Value - -
Current Investments Unquoted Book Value - -
 Capital Structure Ratios
S.No. Ratio 2020

1 Debt- Equity Ratio= Long Term Debt/ Shareholders' fund 0.972131145892

2 Proprietary Ratio= Net Worth/ Total Assets 0.317970234651

3 Fixed Assets Ratio= Fixed Assets/ Capital Employed 0.991387601772

ANALYSIS:

Solvency Ratios show whether the company will be able to meet its long term financial
obligations.

1. The ideal Debt- Equity ratio is 2. SInce for SAIL, Debt- Equity ratio is low for both the years. It shows
that it is depending more on shareholders' funds than external equities.

2. Since the prorietary ratio is less for SAIL for both the years, it indicates greater risk to unsecured
lenders and creditors.

3. Fixed assets ratio determines the extent to which the long term funds are sunk in fixed assets which
are supplied by creditors and owners of the firm.
 2021

0.5575794208

0.3712445051
3.1535012793

m financial

h the years. It shows

risk to unsecured

n fixed assets which

 Steel Authority of India
Standalone Profit & Loss account In Rs. Cr.
Mar 21 Mar 20

12 mths 12 mths

INCOME
Revenue From Operations [Gross] 69,110.02 61,047.77
Less: Excise/Sevice Tax/Other Levies 0 0
Revenue From Operations [Net] 69,110.02 61,047.77
Other Operating Revenues 0 612.78
Total Operating Revenues 69,110.02 61,660.55
Other Income 1,011.69 985.22
Total Revenue 70,121.71 62,645.77
EXPENSES
Cost Of Materials Consumed 23,136.17 29,212.87
Changes In Inventories Of FG,WIP And Stock-In Trade 4,268.58 -5,555.82
Employee Benefit Expenses 10,445.94 8,781.32
Finance Costs 2,817.14 3,486.76
Depreciation And Amortisation Expenses 4,102.00 3,755.05
Other Expenses 18,531.28 19,023.17
Total Expenses 63,301.11 58,703.35
Mar 21 Mar 20

12 mths 12 mths

Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 6,820.60 3,942.42

Exceptional Items 58.43 -771.76
Profit/Loss Before Tax 6,879.03 3,170.66
Tax Expenses-Continued Operations
Current Tax 3,029.01 224.14
Less: MAT Credit Entitlement 0 214.75
Deferred Tax 0 1,073.73
Tax For Earlier Years 0 66
Total Tax Expenses 3,029.01 1,149.12
Profit/Loss After Tax And Before ExtraOrdinary Items 3,850.02 2,021.54
Profit/Loss From Continuing Operations 3,850.02 2,021.54
Profit/Loss For The Period 3,850.02 2,021.54
Mar 21 Mar 20

12 mths 12 mths

OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE
Basic EPS (Rs.) 9.32 4.89
Diluted EPS (Rs.) 9.32 4.89
VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Dividend Rate (%) 28 0
 Steel Authority of India
Standalone Balance Sheet in Rs. Cr.

Mar 21 Mar 20
12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 4,130.53 4,130.53
Total Share Capital 4,130.53 4,130.53
Reserves and Surplus 39,364.35 35,646.85
Total Reserves and Surplus 39,364.35 35,646.85
Total Shareholders Funds 43,494.88 39,777.38
NON-CURRENT LIABILITIES
Long Term Borrowings 19,725.96 34,560.03
Deferred Tax Liabilities [Net] 1,253.16 0
Other Long Term Liabilities 1,671.04 1,699.76
Long Term Provisions 4,525.89 4,108.80
Total Non-Current Liabilities 27,176.05 40,368.59
CURRENT LIABILITIES
Short Term Borrowings 15,850.24 16,640.78
Trade Payables 7,014.41 6,320.38
Other Current Liabilities 21,584.24 19,635.75
Short Term Provisions 2,039.84 2,354.93
Total Current Liabilities 46,488.73 44,951.84
Total Capital And Liabilities 117,159.66 125,097.81
ASSETS
NON-CURRENT ASSETS
Tangible Assets 76,478.24 67,574.50
Intangible Assets 0 1,443.42
Capital Work-In-Progress 0 8,751.56
Other Assets 0 1.12
Fixed Assets 76,478.24 77,770.60
Non-Current Investments 1,595.01 1,584.98
Deferred Tax Assets [Net] 216.78 2,078.99
Long Term Loans And Advances 756.23 664.59
Other Non-Current Assets 6,137.28 2,080.20
Total Non-Current Assets 85,183.54 84,179.36
CURRENT ASSETS
Inventories 15,272.04 23,747.20
Trade Receivables 7,124.00 8,812.39
Cash And Cash Equivalents 680.52 363.25
Short Term Loans And Advances 50.47 49.67
OtherCurrentAssets 8,849.09 7,945.94
Total Current Assets 31,976.12 40,918.45
Total Assets 117,159.66 125,097.81
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 0 50,723.81
CIF VALUE OF IMPORTS
Raw Materials 0 22,734.24
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 0 139.67
REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS
Dividend Remittance In Foreign Currency - -
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods - -
Other Earnings - 3,619.68
BONUS DETAILS
Bonus Equity Share Capital - -
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value - 5.06
Non-Current Investments Unquoted Book Value - 1,579.92
CURRENT INVESTMENTS
Current Investments Quoted Market Value - -
Current Investments Unquoted Book Value - -
 Turnover Ratios
S.No. Ratios 2020
1 Inventory Turnover Ratio= COGS/ Average Stock 1.095512746301

2 Fixed Assets Turnover Ratio= Sales/ Fixed Assets 0.784972341733

3 Total Assets Turnover Ratio= Sales/ Total Assets 0.488000309518

ANALYSIS
Turnover ratios measure how well the resources have been used by the company.
1. The 1.4 Inventory ratio for 2021 shows that SAIL is able to sell its entire inventory in
(1/1.4)*365= 260 day period

2. The 1.09 Inventory ratio for 2020 shows that SAIL is able to sell its entire inventory in
(1/1.09)*365= 260 days

3. Since SAIL has low Fixed Assets Turnover Ratio for both the years, it means that it does not
use its fixed assets efficiently to generate sales. However other factors also need to be
considered.

4. Asset Turnover Ratio helps investors understand how effectively companies are using their
assets to generate sales. Investors use the asset turnover ratio to compare similar companies
in the same sector or group.
 Working Notes
2021 2020 2021
1.404678819987 Cost of goods sold 23,657.05 27,404.75

0.903655994176 Average Inventory 21594.5 19509.62

0.589878973701

d by the company.
entire inventory in

entire inventory in

, it means that it does not

rs also need to be

ompanies are using their

mpare similar companies
Opening Inventory for 2019=
19,441.80
Steel Authority of India
Standalone Profit & Loss account

INCOME
Revenue From Operations [Gross]
Less: Excise/Sevice Tax/Other Levies
Revenue From Operations [Net]

Other Operating Revenues

Total Operating Revenues

Other Income
Total Revenue
EXPENSES
Cost Of Materials Consumed
Changes In Inventories Of FG,WIP And Stock-In Trade
Employee Benefit Expenses
Finance Costs
Depreciation And Amortisation Expenses
Other Expenses
Total Expenses

Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax

Exceptional Items
Profit/Loss Before Tax
Tax Expenses-Continued Operations
Current Tax
Less: MAT Credit Entitlement
Deferred Tax
Tax For Earlier Years
Total Tax Expenses
Profit/Loss After Tax And Before ExtraOrdinary Items
Profit/Loss From Continuing Operations
Profit/Loss For The Period

OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE
Basic EPS (Rs.)
Diluted EPS (Rs.)
VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Dividend Rate (%)
 ------------------- in Rs. Cr. -------------------
Mar 21 Mar 20

12 mths 12 mths
S. No.
1
69,110.02 61,047.77 2
0 0 3
69,110.02 61,047.77 4

5
0 612.78
69,110.02 61,660.55 6

7
1,011.69 985.22
70,121.71 62,645.77 8

23,136.17 29,212.87
4,268.58 -5,555.82
10,445.94 8,781.32
2,817.14 3,486.76
4,102.00 3,755.05 1. Gross Profit Ratio shows how efficie
Profit Ratio for the years 2020 and 202
18,531.28 19,023.17
may indicate a change in the Cost of G
63,301.11 58,703.35
Mar 21 Mar 20 2. Net Profit Ratio is an accurate meas
of the revenue is translated into profits
the net profit margin is low.
12 mths 12 mths
3. Operating Profit Ratio indicates the
6,820.60 3,942.42 shows how efficiently a company can
58.43 -771.76 2021 which is a good sign.
6,879.03 3,170.66
4. Operating Cost Ratio shows the abi
operating cost ratio which is not health
3,029.01 224.14
0 214.75 5. Return on Capital Employed measu
0 1,073.73 SAIL earns a profit of approximately R
0 66
3,029.01 1,149.12 6. Return on Net Worth or Return on E
3,850.02 2,021.54 SAIL has a low ROE/RoNW but it has
3,850.02 2,021.54
3,850.02 2,021.54 7. Return on Total Assets ratio indicate
Mar 21 Mar 20 earnings. Even though ROTA has incr

12 mths 12 mths
9.32 4.89
9.32 4.89

28 0
 Profitability Ratios
Ratios 2020 2021
Gross Profit Ratio= Gross Profit/ Revenue from Operations 61.24829784937 60.3461987133
Net Profit Ratio= Net Profit/ Sales 3.31 5.570856440209
Operating Profit Ratio= Operating Profit/ Sales 3.840304076627 8.405307942322
Operating Cost Ratio= Operating Cost/ Sales 96.15969592337 91.59469205768
Return on Capital Employed= (Profit before Interest, Tax and
5.02563476298 5.819350985649
Dividend/Capital Employed)*100
Return on Net Worth= Profit After Tax/ Net worth 5.082134620229 8.851662540511
Return on equity= (Profit after tax- Prefernce dividend)/ equity shareholders'
5.082134620229 8.851662540511
fund
Return on Total Assets= Profit after Tax/ Total Assets 1.615967537721 3.286131079588

ANALYSIS
1. Gross Profit Ratio shows how efficiently a company is selling its goods and services. SAIL has high Gross
Profit Ratio for the years 2020 and 2021. However, there is a slight decline in 2021 as compared to 2020 which
may indicate a change in the Cost of Goods Sold or a change in the sale price.

2. Net Profit Ratio is an accurate measure of the overall performance of the company and indicates how much
of the revenue is translated into profits. SAIL shows an increase in Net Profit Ratio from 2020 to 2021. However,
the net profit margin is low.

3. Operating Profit Ratio indicates the amount of profit a company makes after deducting the variable costs and
shows how efficiently a company can turn sales into profit. The operating profit ratio has increased from 2020 to
2021 which is a good sign.

4. Operating Cost Ratio shows the ability of a company to keep the costs of production low. SAIL has a high
operating cost ratio which is not healthy.

5. Return on Capital Employed measures the company's profits based on the capital employed. It shows that
SAIL earns a profit of approximately Rs. 5 and Rs. 6 in 2020 and 2021 per 1 Rupee of capital employed.

6. Return on Net Worth or Return on Equity is used as a measure of profitability in terms of shareholders' equity.
SAIL has a low ROE/RoNW but it has increased from 2020 to 2021.

7. Return on Total Assets ratio indicates the effectiveness with which a company utilises its assets to generate
earnings. Even though ROTA has increased from 2020 to 2021, SAIL shows low return on total assets.
 Working Notes
2020 2021
COGS 23,657.05 27,404.75

Gross Profit 37,390.72 41,705.27

Operating Profit 2,344.42 5,808.91

Operating Cost 58,703.35 63,301.11

Capital Employed 78,446.21 67,746.73

Gross
20 which

w much
However,

osts and
m 2020 to

high

ws that
d.

rs' equity.

enerate