The shares of Steel Authority of India Ltd (SAIL) were trading at ₹104.71 up by ₹ 4.69 or 4.69 per cent on the NSE today at 1.10 pm, though the stocks hit its 52-week low at ₹99.15.
Steel Authority of India Ltd (SAIL) reported a sharp 66.5 per cent decline in net profit to ₹141.9 crore for the third quarter ended December 2024, compared to ₹422.9 crore in the same period last year. The state-owned steel manufacturer’s revenue from operations, however, grew 4.9 per cent to ₹24,489.9 crore from ₹23,348.6 crore year-on-year.
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The company’s EBITDA fell 5.3 per cent to ₹2,029.6 crore, with the EBITDA margin contracting to 8.3 per cent from 9.2 per cent in the corresponding quarter of the previous fiscal year.
SAIL Chairman Amarendu Prakash attributed the challenging performance to declining steel prices and increased cheap imports in the market. Despite these headwinds, he noted that the company achieved better EBITDA performance compared to the previous year’s quarter.
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Looking ahead, the company plans to focus on boosting production and enhancing cost efficiency while exploring greener technologies. Prakash expressed optimism about the government’s infrastructure development initiatives driving domestic steel demand and anticipated that appropriate interventions would address the issue of cheap imports affecting the industry.