State-owned SAIL on Monday posted around 65 per cent fall in its consolidated net profit at Rs 542.18 crore in the December 2022 quarter, on account of higher expenses.
The company had clocked a net profit of Rs 1,528.54 crore in the October-December period of the preceding 2021-22 fiscal, Steel Authority of India Ltd (SAIL) said in a regulatory filing.
Its total expenses soared to Rs 24,825.11 crore, compared to Rs 23,209.88 crore a year ago.
However, total income also fell to Rs 25,140.16 crore from Rs 25,398.37 crore in the year-ago quarter.
In a statement, SAIL said its crude steel production was at 4.708 Million Tonne (MT) during October-December compared to 4.531 MT a year ago.
While sales were at 4.151 MT against 3.840 MT in the year ago quarter.
"The challenging global situation and economic scenario all over the world had its impacts on the steel prices affecting the margins of the steelmakers," SAIL said.
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.
SAIL, under the Ministry of Steel, is country's largest steel manufacturing company with an annual capacity of around 21 MT.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app