Q1 FY'24: SAIL net profit drops 74% to Rs 212 crore

New Delhi: Maharatna steel PSU, Steel Authority of India (SAIL) on Thursday posted a 74 percent fall in its consolidated net profit to Rs 212.48 crore in the April-June quarter, dragged by higher expenses.

It had clocked a net profit of Rs 804.50 crore in the April-June period of the preceding 2022-23 fiscal, the steel maker said in a regulatory filing.

The company's total income was at Rs 24,822.83 crore as against Rs 24,199.51 crore in the year-ago quarter.

Total expenses surged to Rs 24,598.06 crore from Rs 23,295.23 crore a year ago.

Steel Authority of India Ltd (SAIL), under the Ministry of Steel, is among the top four steel manufacturing companies in India.

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