SAIL Reports 22% Fall in Net Profit for Q3 FY24

New Delhi, Feb 12 (PTI) State-owned Steel Authority of India Ltd (SAIL) on Monday reported a 22 per cent fall in its consolidated net profit to Rs 422.92 crore for the quarter ended in December 2023 due to lower income.

The steel maker had posted a net profit of Rs 542.18 crore during the October-December period of 2022-23.

The company's total income fell to Rs 23,492.33 crore in the third quarter of FY24 from Rs 25,140.16 crore a year ago, according to an exchange filing by the company.

Expenses stood at Rs 23,140.81 in the reporting quarter as against Rs 24,825.11 crore in the third quarter of last fiscal.

Steel Authority of India Ltd (SAIL), under the Ministry of Steel, is the country's largest steel manufacturing entity having a total installed capacity of around 21 million tonnes.

The Board of Directors has also declared an interim dividend of Re 1 per equity share for FY24 and set February 20 as record date for the purpose of payment of interim dividend.