SAIL Q3 net down 34 per cent at Rs 1,107 crore

State-run Steel Authority of India (SAIL) today posted a 34 per cent drop in third-quarter net profit at Rs 1,107 crore, hit by higher input costs. It had posted a net profit of Rs 1,675.55 crore in the year-ago quarter.

Average net sales realisation during the three months through December was Rs 31,970 per tonne, against Rs 29,843 a year earlier. Profit before tax stood at Rs 1,628 crore.

“The rise in prices of coking coal has heavily impacted the profitability. We lost Rs 1,205 crore solely due to this price rise,” SAIL Chairman C S Verma said.

Verma said the company’s coal imports had not been much affected so far by floods in Australia and it was taking adequate steps to mitigate any possible impact in the near future.