Steel Authority of India’s profit slumped 62 per cent year-on-year to Rs 126 crore in the December quarter. This was hit by lower prices of steel, even as higher sales volume boosted revenue from operations.
The state-owned steel-maker sold 4.43 million tonnes of steel in the December quarter, up from 3.81 million tonnes a year ago. Production for the period stood at 4.63 million tonnes, down from 4.75 million tonnes a year ago.
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SAIL clocked a revenue of Rs 24,490 crore in Oct-Dec, up from Rs 23,345 crore a year ago. Earnings before interest, tax, depreciation and amortization also rose to Rs 2,389 crore from 2,319 crore a year ago.
Speaking on the quarterly performance, SAIL Chairman Amarendu Prakash said, “In the face of a challenging steel market characterized by declining prices and an influx of cheap imports, SAIL has managed to achieve better EBITDA during the Q3FY25 compared to the corresponding period last year.”
“We expect that with appropriate interventions, the issue of cheap imports will be addressed and government’s drive on infrastructure development will bode well for the domestic steel industry while driving the demand further,” he said.
SAIL’s revenue from operations and sales volume increased during the third quarter of the current financial year, along with a slight improvement in EBITDA compared to the corresponding period last year.
