SAIL reports 31% fall in net profit to Rs 897.15 crore in Q2

New Delhi: State-owned Steel Authority of India (SAIL) on Thursday reported a 31 percent fall in consolidated net profit to Rs 897.15 crore in the September quarter, dragged by lower income.

It had posted a Rs 1,305.59 crore net profit for the period ended September 2023, the company said in an exchange filing.

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The company's total income decreased to Rs 24,842.18 crore from Rs 29,858.19 crore in the second quarter of preceding 2023-24 financial year. Its expenses stood at Rs 23,824.07 crore as against Rs 27,768.60 crore in the year-ago quarter.

In a separate statement, the company said its crude steel output fell marginally to 4.76 million tonnes (MT) from 4.76 MT in July-September last fiscal. Sales also decreased to 4.10 MT from 4.77 MT in the same quarter a year ago.

SAIL Chairman Amarendu Prakash said, "We expect H2 FY25 to bring more promising results compared to H1 FY25, which was impacted by various challenges. Moving forward, with an expected downtrend in steel imports and projected growth in GDP and capital expenditure, H2 FY25 may yield better performance."

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