Lower revenue caused the state-owned Steel Authority of India Limited (SAIL) to report a more than 50% decline in its consolidated net profit to Rs 1,159.21 crore for the quarter ended March 31.
The business reported a net profit of Rs 2,478.82 crore in a regulatory filing on Thursday for the January-March quarter of the fiscal year (FY) 2021–22 that had just ended.
The business also disclosed a steep decline in overall revenue, which dropped from Rs 31,175.25 crore in the prior quarter to Rs 29,416.39 crore.
According to a separate statement from SAIL, the company produced 4.95 million tonnes (MT) of crude steel in the last quarter of FY23, up from 4.60 MT in the same period previous year.
Sales for SAIL decreased to 4.68 MT from 4.71 MT from January through March of FY22.
As a final dividend for FY23, the company's board has also suggested Re 0.50 per share.
The margins of SAIL have been hurt by rising coal costs and fluctuating steel prices. The corporation is making strategic moves to boost performance in the current fiscal year, it added.
The Ministry of Steel's Steel Authority of India Ltd. (SAIL), one of the top five steel producers in the nation, with an installed capacity of around 21 MT per year.