Steel Authority of India Limited (SAIL), a public sector steel company, reported a consolidated net profit of Rs 1,306 crore for the July-September quarter. This positive financial outcome is attributed to steady domestic demand and lower input costs. In the same quarter the previous year, the company had reported a net loss of Rs 329 crore.
SAIL achieved a 13% growth in consolidated revenue from operations, reaching Rs 29,712 crore in Q2FY24, compared to Rs 26,246 crore in Q2FY23. The company highlighted its best-ever performance in production and sales for the first half (H-1) and Q2 of the current financial year. Crude steel production and sales volume recorded a growth of 9.7% and 17.4%, respectively, during H1 FY’24 over the corresponding period last year.
In Q2 of the current financial year, crude steel production and sales volume increased by 11.6% and 13.3%, respectively, over the corresponding period last year. SAIL emphasized its commitment to improving capacity utilization, value addition, and cost competitiveness to maintain positive financial performance despite market challenges, including a significant decline in price realization.
(With Agency Inputs)
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