SAIL Q3 Results: Net profit falls 65% YoY to Rs 542 crore
Its total expenses soared to Rs 24,825.11 crore, compared to Rs 23,209.88 crore a year ago.
However, total income also fell to Rs 25,140.16 crore from Rs 25,398.37 crore in the year-ago quarter.
In a statement, SAIL said its crude steel production was at 4.708 Million Tonne (MT) during October-December compared to 4.531 MT a year ago.
While sales were at 4.151 MT against 3.840 MT in the year ago quarter.
“The challenging global situation and economic scenario all over the world had its impacts on the steel prices affecting the margins of the steelmakers,” SAIL said.
However, with the government’s focus on enhancing capital expenditure in infrastructure sector, the domestic steel consumption is expected to witness an increase in the short to medium term, it said.
SAIL, under the Ministry of Steel, is country’s largest steel manufacturing company with an annual capacity of around 21 MT.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.