SAIL Q1 results: Net profit falls 61% to Rs 81.78 cr on frail demand
The state-owned firm's consolidated net profit fell more than 61 per cent to Rs 81.78 crore (around $10 million) for the quarter ended June 30
 "SAIL Q1 results: Net profit falls 61% to Rs 81.78 cr on frail demand")
Steel Authority of India (SAIL) reported a decline in first-quarter profit on Thursday, hurt by feeble domestic demand as government spending reduced due to the general elections and prices continued to fall.
The state-owned firm's consolidated net profit fell more than 61 per cent to Rs 81.78 crore (around $10 million) for the quarter ended June 30.
Its revenue declined 1.5 per cent to Rs 23,998 crore.
KEY CONTEXT
Domestic demand for steel remained lukewarm during the quarter as government spending on infrastructure and manufacturing slowed down due to the general elections. Steel prices were also under pressure as India net imported finished steel at cheaper rates.
However, analysts still see India as a "bright spot" amid weak global demand.
Meanwhile, lower costs of a key steelmaking raw material - coking coal - boosted the profit of peers such as Tata Steel last month.
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