Latest News | SAIL Posts 66 Pc Fall in Profit to Rs 142 Cr in Q3
Get latest articles and stories on Latest News at LatestLY. State-owned SAIL on Tuesday reported over 66 per cent decline in consolidated net profit to Rs 141.89 crore for the December quarter, on account of increased expenses.
New Delhi, Feb 11 (PTI) State-owned SAIL on Tuesday reported over 66 per cent decline in consolidated net profit to Rs 141.89 crore for the December quarter, on account of increased expenses.
It posted Rs 422.92 crore profit for the year-ago period, the company said in an exchange filing.
The company's total income, however, rose to Rs 24,723.43 crore from Rs 23,492.33 crore in the same quarter a year ago.
Expenses surged to Rs 24,560.47 crore from Rs 23,140.81 crore in the year-ago period.
In a separate statement, SAIL Chairman Amarendu Prakash said in the face of a challenging steel market characterised by declining prices and an influx of cheap imports, SAIL has managed to achieve higher EBITDA during the quarter under review compared to the corresponding period last year.
"We expect that with appropriate interventions, the issue of cheap imports will be addressed and the government's drive on infrastructure development will bode well for the domestic steel industry while driving the demand further," he said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)