New Delhi: State-owned Steel Authority of India (SAIL) on Tuesday reported over 66 percent decline in consolidated net profit to Rs 141.89 crore for the December quarter, on account of increased expenses.
It posted Rs 422.92 crore profit for the year-ago period, the company said in an exchange filing.
The company's total income, however, rose to Rs 24,723.43 crore from Rs 23,492.33 crore in the same quarter a year ago.
Expenses surged to Rs 24,560.47 crore from Rs 23,140.81 crore in the year-ago period.
In a separate statement, SAIL Chairman Amarendu Prakash said in the face of a challenging steel market characterised by declining prices and an influx of cheap imports, SAIL has managed to achieve higher EBITDA during the quarter under review compared to the corresponding period last year.
"We expect that with appropriate interventions, the issue of cheap imports will be addressed and the government's drive on infrastructure development will bode well for the domestic steel industry while driving the demand further," he said.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)