SAIL Q1 Results: Net profit slumps 74% on year to ₹212.48 crore
Steel Authority of India Ltd (SAIL) on Thursday reported an 73.6% year-on-year fall in its consolidated net profit for the fiscal's first quarter ended June (Q1FY24) to ₹212.48 crore. The company had reported a profit of ₹804.50 crore in the year-ago period. Sequentially, consolidated net profit was down 81.7% from ₹1,159.21 crore in Q4FY23.
SAIL share price today closed flat at ₹92.93 apiece on BSE. The company's consolidated revenue from operations rose 1.4% on year to ₹24,359.10 crores during the quarter ended June from ₹24,028.62 crore in Q1FY23. Total income rose to ₹24,822.83 crore in the first quarter.
It stood at ₹24,199.51 crore in the year-ago period. For the quarter under review, consolidated total expenses rose to ₹24,598.06 crore from ₹23,295.23 crore a year ago. According to the regulatory filing, the company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Q1FY24 stood at ₹2,606 crore as compared to ₹2,090 crore during the same period previous year.
For the quarter ended June, standalone crude steel production came in at 4.67 MT as compared to 4.33 MT during the same period previous year. Sales Volumes too saw a rise to 3.88 during the quarter under review from 3.15 MT in Q1FY23. "Best ever Q1 performance has been achieved by the company with respect to Productions and Sales.
The Company has registered a growth in the Crude Steel Production, and Sales Volumes by 8% and 23% respectively over CPLY. Despite increase in volumes, the turnover has increased by 1% due to decline in price realization. With the coking coal prices stabilizing and market outlook positive for; sustained consumption growth in the country, margins are likely to improve going forward.
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