SAIL profit dips to Rs 11.26 mn in Q4; grows to Rs 30.66 mn in FY24

23 May 2024 CW Team

Steel Authority of India Ltd (SAIL) saw a slight 2% decline in its consolidated net profit to Rs 1,12.668 million in the March quarter, attributed to increased raw material prices. This compares to a net profit of Rs 115.921 million in the same period last year, as per the company's exchange filing. Revenue from operations also decreased to Rs 2795.852 million from Rs 2913.066 million in the previous year's March quarter. The higher cost of raw materials in Q4 FY24, totaling Rs 1513.0 million, contributed to the profit and revenue decline compared to Rs 1482.804 million a year earlier. However, total expenses decreased to Rs 26,47.386 million from Rs 28,08.817 million in the same period last year. For the full fiscal year, SAIL's net profit increased to Rs 3,0.6667 million from Rs 2,17.653 million in FY23. The company's revenue from operations in FY24 reached its highest ever, crossing Rs 1,000 billion for the third consecutive year. The board also approved a final dividend of Re 1 for FY24. SAIL Chairman Amarendu Prakash highlighted the robust domestic markets and continual growth in demand. He emphasized the company's initiatives to increase volumes, add value-added products to the portfolio, and enhance efficiency, leading to improved year-on-year physical performance. SAIL, under the Ministry of Steel, remains the largest steel-producing entity in the country. (Source: Economic Times)

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