New Delhi: Mahartna Steel PSU, Steel Authority of India (SAIL) announced its financial results for the fourth quarter (Q4) of FY 2022-23. According to company’s financial statement, SAIL has registered over 50 percent fall in its consolidated net profit to Rs 1,159.21 crore in Q4 of FY 2022-23 against the net profit of Rs 2,478.82 crore in Q4 of FY 2021-22. This information has been shared by Maharatna Steel PSU in a regulatory filing to the stock exchange on Thursday.

The company also reported a sharp fall in its total income to Rs 29,416.39 crore, from Rs 31,175.25 crore in the year-ago quarter (Q4 FY 2021-22).

The board of the company has also recommended Re 0.50 per share as final dividend for FY23.

"Higher prices of coal and volatility of steel prices have impacted the margins of SAIL. In the current financial year, the company is taking strategic steps for improving the performance," it said.

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