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SAIL Net Profit Declines 65% In Q3 FY23
The company’s total expenses jumped to Rs 24,825 crore, compared to Rs 23,209.88 crore in Q3 FY22
Photo Credit :
Steel Pipes
State-owned SAIL on Monday posted a massive 65 per cent fall in its net profit year-on-year (YoY) at Rs 542.18 crore in the Q3, on account of higher expenses.
The company said, "The challenging global situation and economic scenario all over the world had its impacts on the steel prices affecting the margins of the steelmakers."
The steel giant had registered a net profit of Rs 1,528.54 crore in the Q3 FY22.
SAIL is country's largest steel manufacturing company with an annual capacity of around 21 MT.
The company’s total expenses jumped to Rs 24,825 crore, compared to Rs 23,209.88 crore in Q3 FY22. But its total income fell to Rs 25,140.16 crore from Rs 25,398.37 crore in the year-ago quarter.
The PSU reported sales for the December quarter at 4.151 MT against 3.840 MT in the corresponding quarter last year.
SAIL said that its crude steel production was at 4.708 million tonne (MT) during October-December as compared to 4.531 MT a year ago period.