State-owned Steel Authority of India Limited (SAIL) reported a significant 60pct decline in consolidated net profit, totaling INR 81.78 crore (USD 9.7 million) for the quarter ending June 30, 2024.
The company’s total income fell by 2.61pct to INR 24,174.8 crore (USD 2.87 bln), down from INR 24,822.83 crore in the same quarter last year. The decline in profitability was attributed to the pressure of cheaper imports on domestic steel prices.
SAIL Chairman Amarendu Prakash indicated that the company expects to address the challenges posed by lower-cost imports effectively in the future.
In a statement, SAIL reported standalone crude steel production of 4.67 million tons for the first quarter of FY25, remaining nearly stable compared to the same period last fiscal year. However, sales decreased to 3.88 million tons from 4.01 million tons in Q1 FY24.
Steel Authority of India Ltd (SAIL), under the Ministry of Steel, is among the country’s top five steel producing companies with a total installed capacity of about 21 mln tons per annum.
1 USD / 83.9 INR
