Indian government-run Steel Authority of India Limited (SAIL) has reported a net profit of INR 13.06 billion ($156.78 million) in the second quarter (July-September) of the fiscal year 2023-24, compared to a net loss of INR 3.29 billion ($39.49 million) in the corresponding quarter of the previous fiscal year, a company statement said on Monday, November 13.
SAIL reported consolidated revenue of INR 297.12 billion ($3.56 billion) during the quarter, up 13 percent year on year.
According to the company, its profits were supported by lower costs of iron ore and metallurgical coal and by the 11 percent fall in the total cost of raw materials to INR 135.17 billion ($1.62 billion).
“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," the company statement said.
