Indian state-run steel producer Steel Authority of India Limited (SAIL) has reported a consolidated net profit of INR 4,229.20 billion ($50.94 million) in the third quarter (October-December) of the fiscal year 2023-24, a decline of 22 percent year on year, according to a company statement on Tuesday, February 13.
The company achieved a total income of INR 234.92 billion ($2.83 billion) during the quarter, down seven percent year on year.
SAIL said its total expenses were down seven percent, led by a four percent fall in raw material costs from sourcing cheaper coking coal from Russia.