New Delhi, Nov 8 (IANS) Public sector steel giant SAIL on Thursday reported a standalone net profit of Rs 834 crore for the July-Sept quarter of the current financial year which represents a 32.7 per cent decline over the corresponding figure of Rs 1,241 crore during the same quarter of 2023-24.
The company’s revenue was adversely impacted by the flood of cheap Chinese imports which led to a decline in steel prices.
SAIL revenue came down by 17 per cent to Rs 24,675 crore during the second quarter compared to Rs 29,714 crore in the same quarter of the previous year.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) declined to Rs 3,174 crore during the second quarter from Rs 4,043 crore in the same period last year.
According to a SAIL statement, the company’s performance in the second quarter of the current financial year has shown improvement compared to the previous quarter. Revenue from operations, EBITDA, and sales volume all increased in Q2 FY’25 over Q1 FY’25.
However, lower performance in Q2 FY’25 compared to the same period last year (Q2 FY’24) was influenced by factors like cheaper imports which led to a decline in prices.
Commenting on the results, SAIL Chairman Amarendu Prakash said: “We expect H2 FY’25 to bring more promising results compared to H1 FY’25, which was impacted by various challenges. Moving forward, with the expected downtrend in steel imports and projected growth in GDP & capital expenditure, the second half of FY’25 may yield better performance.”
Steel Authority of India Ltd will be investing Rs 6,500 crore towards capex during the current financial year as part of its Rs 1 lakh crore investment plan over the next few years, Prakash said earlier this year. He also said that SAIL has a regular capex on maintaining its facilities, as well as debottlenecking exercises. Most of the capex expansion to be invested by 2030 will start flowing from FY26.
–IANS
sps/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
