SAIL’s Dec quarter net slips 34% to Rs 1,107 cr

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Steel Authority of India (SAIL) on Thursday reported a 34 per cent decline in its net profit at Rs. 1,107.47 crore for the October-December quarter as against Rs. 1,675.55 crore recorded in the year-ago period.
However, revenue during the quarter rose by 17.5 per cent to Rs. 12,276.81 crore from Rs. 10,447.63 crore recorded in the corresponding quarter of the previous fiscal.

Profit before tax for the period stood at Rs. 1,628 crore.

The company suffered dip in the profit margin largely due to the skyrocketing price of coking coal. SAIL chairman CS Verma said, “The rise in prices of coking coal has heavily impacted the profitability. We lost Rs. 1,205 crore solely due to this price rise.”

He expects the coking coal prices to remain northbound till the next fiscal. Flood in Australia will also add to the loss, he said.

Shares of the company closed at Rs. 172.90, down 2.26 per cent from previous close on the BSE.

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This post was submitted by Mudit Agrawal.

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