Steel Authority of India reports a 74 pc decline in net profits in Apr-June quarter

New Delhi [India], August 11 : Steel Authority of India Limited (SAIL) reported a 74 per cent decline in consolidated net profits in April-June 2023 quarter at Rs 212.48 crore.

The state-owned company declared its financial results for the June quarter on Thursday evening.

In the same quarter last year, the net profits or Profit After Tax were Rs 804.5 crore.

The revenue from operations of the company rose from Rs 24,029 crore to Rs 24,359 crore with a rise of just 1.4 per cent.

SAIL achieved its best-ever quarterly performance with respect to production and sales. The company registered a growth in crude steel production and sales volumes by 8 per cent and 23 per cent, respectively, on a yearly basis.

Despite the increase in volumes, the turnover has increased by 1 per cent due to a decline in price realization, the government said in a release.

“With the coking coal prices stabilizing and the market outlook positive for sustained consumption growth in the country, margins are likely to improve going forward. The Company is also taking up debottlenecking and efficiency improvement projects to shore up the profitability in the medium term,” it said.

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