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SAIL Q3 Net Slips 23%, Misses Estimates

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State-owned Steel Authority of India reported a 23 per cent drop in quarterly profit, weighed by higher input and wage costs and sluggish sales.

SAIL, India's largest domestic steel producer, said December quarter net profit fell to Rs 484 crore from Rs 630 crore a year earlier. Net sales fell marginally to Rs 10,495 crore.

Analysts on average had forecast a net profit of Rs 570 crore, according to Thomson Reuters Starmine data.

At 2.20 p.m. (0850 GMT), SAIL shares were trading 0.5 percent lower in a firm Mumbai market.