SAIL turns red with Rs 329 cr Q2 loss, expenses surge to Rs 27,200 cr

State-owned Steel Authority of India Limited (SAIL) on Thursday slipped into red posting a consolidated loss of Rs 329 crore during the quarter ended on September 30, 2022.

It had clocked Rs 4,338.75 crore net profit during the July-September period of the preceding fiscal, SAIL said in a BSE filing.

The company has also reported a fall in its total income at Rs 26,642.02 crore from Rs 27,007.02 crore in the same quarter a year ago.

Its expenses increased to Rs 27,200.79 crore as against Rs 21,289 crore in the year-ago period.

SAIL has also reported a fall in its crude steel output as well as sales.

Its crude steel output fell to 4.30 million tonnes (MT) during the quarter under review from 4.47 MT in July-September period of FY22. Sales shrunk to 4.21 MT from 4.28 MT a year ago.

A query seeking chairman's comments on the company's financial and operational performance during the September quarter remained unanswered.

SAIL, under the Ministry of Steel, is the country's largest steel making company with an installed capacity of over 20 million tonnes per annum (MTPA).