SAIL returns to black, posts Rs 1,305 crore consolidated net profit in Q2

Steel giant SAIL on Friday returned to black, posting a consolidated net profit of Rs 1,305.59 crore for September quarter 2023-24, as higher sales volumes led to increased income.

It had incurred Rs 329.36 crore net loss during July-September period a year ago, Steel Authority of India Ltd (SAIL) said in a regulatory filing.

Total income rose to Rs 29,858.19 crore from Rs 26,642.02 crore in the year- ago quarter.

Expenses were at Rs 27,768.52 crore as against Rs 27,200.79 crore in the same quarter a year ago.

"Consistent efforts by the company towards increasing its volumes have had a positive impact on the financial performance despite the significant decline in the price realization in the market. It remains committed towards improving capacity utilization, value addition and cost competitiveness besides de-carbonisation efforts," SAIL said in a statement.

During the quarter, SAIL's crude steel production rose to 4.80 million tonne (MT) from 4.30 MT in July-September 2022.

Sales improved to 4.77 MT over 4.21 MT in the year-ago period.

SAIL, under Ministry of Steel, is among India's largest steel manufacturing companies with an annual installed capacity of over 20 MT.