Steel Authority of India Limited (SAIL) reported a 31pct decline in consolidated net profit, totaling INR 897.15 crore (USD 106.2 mln) for the quarter ending September 30, 2024, down from INR 1,305.59 crore in the same period last year.
Revenue also dropped by 17pct YoY, reaching INR 24,675.2 crore (USD 2.92 bln). The company attributed the weaker performance in Q2 FY25 to factors such as lower steel prices and cheaper imports.
On a standalone basis, SAIL saw a modest 0.8pct YoY increase in crude steel production, totaling 4.8 mln tons in the July-September 2024 period. Sales grew by 16.3pct YoY to 4.77 mln tons.
SAIL Chairman Amarendu Prakash expressed optimism, stating that the second half of FY25 is expected to show better results compared to the first half, which faced several challenges. With a forecasted decline in steel imports and anticipated GDP and capital expenditure growth, H2 FY25 is expected to improve performance.
As one of India’s top three steel producers, state-owned SAIL operates with an annual capacity of around 20 mln tons.
1 USD / 84.4 INR
