SAIL Q1 Profit Plunges 61.51% to Rs 82 cr - Steelmaker Reports Decline

New Delhi, Aug 8 (PTI) State-owned SAIL on Thursday posted a 61.51 per cent fall in consolidated net profit to Rs 81.78 crore, mainly on account of reduced income.

It had reported a net profit of Rs 212.48 crore during the April-June period of the preceding 2023-24 fiscal, the company said in an exchange filing.

The company's total income declined to Rs 24,174.80 crore during the quarter from Rs 24,822.83 crore a year ago. Its expenses were at Rs 23,871.60 crore as against Rs 24,598.06 crore in the year-ago period.

The standalone profit after tax nosedived to Rs 10.68 crore from Rs 150 crore in April June FY24.

In a separate statement, the company said its crude steel production was at 4.67 million tonnes (MT) against 4.68 MT a year ago. Sales volume fell to 3.88 MT from 4.01 MT in the first quarter of FY24.

SAIL Chairman Amarendu Prakash said, "Domestic steel consumption continues to grow steadily, driven by both traditional and emerging sectors. Additionally, ongoing Government investments in the infrastructure sector, as announced in the recent budget, are expected to bolster growth.

"With a positive outlook for the domestic steel sector, SAIL is focused on increasing its production volumes. The challenges posed by cheaper imports are anticipated to be addressed appropriately in the future".

Steel Authority of India Ltd (SAIL), under the Ministry of Steel, is among the country's top three steel manufacturing entities.