TLI Staff
New Delhi: Public sector steelmaker Steel Authority of India Ltd (SAIL) on Tuesday reported 67.9% year-on-year drop in standalone net profit at Rs 463.54 crore for the December quarter (Q3) of financial year 2022-23.
The steel giant had posted a net profit of Rs 1,443.10 crore in the corresponding quarter of the previous financial year.
The steelmaker also reported a dip in revenue from operations at Rs 25,041.88 crore in Q3 of the current financial year as against Rs 25,245.92 crore in the same period a year ago.
The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 2,197.53 crore in Q3 of FY23 as against Rs 3,659.41 crore in the corresponding period of the previous fiscal.
In an official statement, SAIL said that it has achieved the best ever quarterly crude steel production during Q3FY23.
“The company has been steadily increasing the crude steel production in the recent months. The sales volume in Q3FY23 also saw an increase over the corresponding period over last year,” it said.
The state-run steel major noted that the challenging global situation and economic scenario all over the world had its impacts on the steel prices affecting the margins of the steelmakers.
“However, with the government’s focus on enhancing capital expenditure in infrastructure sector, the domestic steel consumption is expected to witness an increase in the short to medium term,” it said.