SAIL slides after Q3 PAT drops 28% YoY to Rs 331 cr

Steel Authority of India (SAIL) declined 2.32% to Rs 120.05 after the company's standalone net profit declined 28.50% to Rs 331.40 crore in Q3 FY24 as against with Rs 463.54 crore posted in Q3 FY23.

Revenue from operations fell 6.77% year on year to Rs 23,345.48 crore in the quarter ended 31 December 2023.

Profit before exceptional items and tax stood at Rs 384.29 crore in Q3 FY24, up 14.28% year on year. During Q3 FY24, the company recorded an exceptional profit of Rs 76.46 crore, representing provision for settlement of contractual disputes under Vivad se Vishwas Scheme II.

EBTIDA stood at RS 2,319 crore in Q3 FY24, registering the growth of 5.51% as compared with Rs 2198 crore posted in Q3 FY23. E Sales volume fell 8.19% to 3.81 million tonnes (MT) in the December quarter as compared to 4.15 MT reported in the corresponding quarter previous year.

Crude steel production in Q3 FY24 was at 4.75 MT, up 0.84% from 4.71 MT posted in Q3 FY23.

On nine month basis, the companys standalone net profit stood at Rs 1,721.89 crore in 9M FY24, zoomed 101.61% as against with Rs 854.05 crore posted in 9M FY23.

However, revenue from operations advanced 2.78% to Rs 77,416.60 in 9M FY24 as against with Rs 75,316.78 crore reported in 9M FY23.

The company said that it has achieved its best ever performance in production and sales for 9M of the financial year. The crude steel production and sales volume have registered a growth of 6.6% and 8.2% respectively during 9M FY24 over CPLY.

Aarendu Prakash, chairman, SAIL, said, The consistent efforts by the company towards mcreasing its volumes have had a positive impact on the financial performance despite the significant declme m the price realization during the quarter. The company remains steadfast in its commitment towards sustainable performance including emphasis on de-carbonisation, improving capacity utilization, value addition, enhanced digitalization and achievmg cost competitiveness.

Steel Authority of India (SAIL) is the leading steel-making company in India. The company is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export markets.

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