SAIL Profit Dips 2% in Q4, FY24 Growth to Rs 3,066 Cr

New Delhi, May 20 (PTI) Steel Authority of India Ltd (SAIL) on Monday reported a marginal 2 per cent fall in consolidated net profit to Rs 1,126.68 crore during the March quarter, because of higher raw material prices.

It had posted a Rs 1,159.21-crore net profit in the year-ago period, the company said in an exchange filing.

The company's revenue from operations also fell to Rs 27,958.52 crore from Rs 29,130.66 crore in the March quarter of FY23.

The fall in profit and revenues were coupled with high cost of raw materials in the fourth quarter of FY24 at Rs 15,130 crore, higher from Rs 14,828.04 crore a year ago.

Its total expenses were lower at Rs 26,473.86 crore as against Rs 28,088.17 crore in the same period a year ago.

For full fiscal year, SAIL saw its net profit growing to Rs 3,066.67 crore from Rs 2,176.53 crore in FY23.

"The revenue from operations for the company has been the highest ever during FY24. This was the third consecutive year when the revenue from operation crossed the coveted level of Rs 1,00,000 crore," a company statement said.

The board of the company has also approved a final dividend of Re 1 for FY24.

SAIL Chairman Amarendu Prakash said, "The domestic markets have remained quite robust showcasing continual growth in demand. We have been taking various initiatives towards increasing volumes, adding that value-added products to product basket and improving efficiency levels, which is reflected in the improved physical performance year-on-year."

SAIL under the Ministry of Steel is the country's largest steel producing entity.