SAIL records 2% fall in consolidated net profit to Rs 1,126.68 crore in Q4 of FY due to increase in raw material costs. The company had posted a net profit of Rs 1,159.21 crore during the same period previous fiscal, SAIL informed the stock exchange in a filing. Furthermore, SAIL's revenue from operations witnessed a downturn, declining from Rs 29,130.66 crore to Rs 27,958.52 crore in the March quarter of FY23.
The profit and revenue decline were primarily influenced by the heightened costs of raw materials during the fourth quarter of FY24, which surged to Rs 15,130 crore from Rs 14,828.04 crore in the previous year. Nevertheless, the company managed to lower its total expenses to Rs 26,473.86 crore from Rs 28,088.17 crore in the corresponding period last year.
For the entire fiscal year, SAIL experienced a growth in net profit, reaching Rs 3,066.67 crore from Rs 2,176.53 crore in FY23. The revenue from operations for FY24 crossed previous records, according to a company statement, adding that it was also the third consecutive year to post revenue exceeding Rs 1,00,000 crore.
The company board has approved a final dividend of Re 1 for FY24.
On the performance, SAIL Chairman Amarendu Prakash said, "The domestic markets have been remaining quite robust and showed consistent growth in demand. We are persistently working on several initiatives relating to increasing volume, value-added products in our portfolio, and improving operational efficiency. This is reflected in our improved physical performance year on year." SAIL, a PSU under the Ministry of Steel, is the largest steel producer in the country.
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