SAIL slides as Q3 net profit tumbles 68% YoY

Steel Authority of India (SAIL) fell 1.14% to Rs 82.35 after the iron & steel maker's standalone net profit slumped 67.9% to Rs 463.54 crore in Q3 FY23 as compared to Rs 1,443.10 crore in Q3 FY22.

Revenue from operations declined marginally to Rs 25,041.88 crore during the quarter as compared with Rs 25,245.92 crore posted in the corresponding quarter last year.

The company's profit before tax tumbled 67.1% year on year (YoY) to Rs 634.69 crore in the quarter ended 31 December 2022.

Crude Steel Production rose 3.91% to 4.708 million tonne in Q3 FY23 from 4.531 million tonne in Q3 FY22.

Sales volume during quarter was 4.151 million tonne, up by 8.09% as compared with 3.840 million tonne recorded in the same period last year.

EBITDA de-grew 39.9% to Rs 2,197.53 crore in Q3 FY23 as against Rs 3,659.41 crore recorded in Q3 FY22.

The company 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.

On consolidated basis, SAIL reported 64.5% decline in net profit to Rs 542.18 crore on 0.8% fall in net sales to Rs 25042.10 crore in Q3 FY23 over Q3 FY22.

Steel Authority of India (SAIL) is one of the largest steel-making companies in India and one of the Maharatnas of the country's Central Public Sector Enterprises. As of 31 December 2022, the Government of India owned about 65% of SAIL's equity and retains voting control of the company.

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