SAIL's Setback: A 31% Dip in Net Profit

State-owned SAIL reported a 31% decrease in consolidated net profit for the September quarter, falling to Rs 897.15 crore. The drop is attributed to reduced income and output, with total income falling and expenses increasing. The company anticipates improvement in H2 FY25 amid challenging conditions.

The state-owned Steel Authority of India Limited (SAIL) experienced a significant 31% decline in its consolidated net profit for the September quarter, with earnings reducing to Rs 897.15 crore. This downturn was attributed to a decrease in its total income, as stated in the recent exchange filing.

During the latest quarter, SAIL's total income dropped significantly from the previous year's Rs 29,858.19 crore to Rs 24,842.18 crore. At the same time, the company's expenses also decreased, though they remain substantial at Rs 23,824.07 crore compared to the previous year's Rs 27,768.60 crore.

Despite these challenges, SAIL Chairman Amarendu Prakash conveyed optimism for a potentially better performance in the second half of FY25. This projection is based on anticipated downturns in steel imports and an expected rise in GDP and capital expenditures.

(With inputs from agencies.)