New Delhi, February 12 (HS): Public sector company Steel Authority of India (SAIL) has announced the results of the third quarter (October-December) of the current financial year 2024-25. SAIL’s consolidated net profit fell 66 percent to Rs 141.89 crore during the third quarter and nine months ended December 31, 2024. In the same quarter of the previous financial year 2023-24, the company had a net profit of Rs 422.92 crore.

The company said in a statement issued on Wednesday that according to the information given to the stock market on Tuesday, the total income of Steel Authority of India Limited (SAIL) increased to Rs 24,723.43 crore, which was Rs 23,492.33 crore in the same quarter of the previous financial year. However, the expenses of steel producer SAIL increased to Rs 24,560.47 crore in the October-December quarter from Rs 23,140.81 crore in the same quarter of the previous financial year.

The Ministry of Steel said in a statement that the profit has decreased due to the increase in expenses more than the income. The revenue received by SAIL from operations in the third quarter of the current financial year 2024-25 was Rs 24,490 crore, which is 5 per cent more than Rs 23,349 crore received in the same quarter of the previous financial year. Shares of SAIL jumped 3.5 per cent to a high of Rs 103.65 on the BSE during trading today.

Giving information about the financial results, SAIL Chairman Amarendu Prakash said that in the face of challenging steel market affected by falling prices and increase in cheap imports, SAIL has succeeded in achieving better EBITDA during the third quarter of the current financial year 2024-25 as compared to the same period of the previous financial year. He said that we are firm on our commitment to boost production and increase cost efficiency.

Hindusthan Samachar / Jun Sarkar