Sunday, May 22, 2022

SAIL Q3 results: Net profit drops 66% q-o-q in Q3 to Rs 1,443.10 crore

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  • From Rs 4,338.75 crore in the Q2 of FY22, SAIL’s consolidated net profit has dropped 62 percent to settle at Rs 1,628.54 crore in Q3
  • For the nine-month April-December period of FY22, the standalone net profit has jumped by over 22 times at Rs 9,596.74 crore, but the increase can primarily be accounted to a low base

New Delhi: Steel Authority of India Ltd’s (SAIL) quarterly results show that its standalone net profit has plummeted 66 percent in Q3 of FY22 on quarter-on-quarter basis. From Rs 4,303.62 crore recorded in Q2 of FY22, SAIL’s net profit has dropped to Rs 1,443.10 crore in Q3. In comparison to the December quarter of the previous fiscal, however, the standalone net profit has gone up by 12.4 percent. For the nine-month April-December period of FY22, the net profit has jumped by over 22 times at Rs 9,596.74 crore, however, the increase can primarily be accounted to a low base. In the April-December period of the previous fiscal, SAIL had reported a profit of just Rs 406.22 crore.

SAIL Q3 results: Consolidated net profit drops 62% q-o-q

From Rs 4,338.75 crore in the Q2 of FY22, SAIL’s consolidated net profit has dropped 62 percent to settle at Rs 1,628.54 crore in Q3. On year-on-year basis, however, the December quarter profits have increased by 11 percent. SAIL had recorded a profit of Rs 1,468.20 crore in Q3 of FY20.

For the April-December period, SAIL’s consolidated net profit has increased by over 13 times year-on-year at Rs 9,764.65 crore, primarily because of a low base. In the corresponding period of FY20, SAIL had recorded a consolidated net profit of Rs 678.25 crore.

Revenue from operations declines 6 percent q-o-q

On quarter-on-quarter basis, SAIL’s standalone revenue from operations declined by 6 percent from Rs 26,826.92 crore in September quarter to Rs 25,245.92 crore in the December quarter. On year-on-year basis, the revenue increased by 27 percent in Q3, up from Rs 19,832.93 crore recorded in the corresponding quarter of the previous financial year. For the April-December period, standalone revenue from operations increased by 59 percent, up from Rs 45,824.02 crore in FY20 to Rs 72,715.22 crore in FY22.

After climbing up to Rs 106.75 apiece on Thursday, SAIL’s shares dropped to Rs 103.45 at the end of the day.

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