SAIL Q3 profit slumps 62% YoY to Rs 126 crore on lower steel prices

State-owned Steel Authority of India’s profit slumped 62% year-on-year to Rs 126 crore in the December quarter hit by lower prices of steel, even as higher sales volume boosted revenue from operations.

The steel-maker sold 4.43 million tonnes of steel in the December quarter, up from 3.81 million tonnes a year ago. Production for the period stood at 4.63 million tonnes, down from 4.75 million tonnes a year ago.

The company clocked a revenue of Rs 24,490 crore in Oct-Dec, up from Rs 23,345 crore a year ago. Earnings before interest, tax, depreciation and amortization also rose to Rs 2,389 crore from 2,319 crore a year ago.

“In the face of a challenging steel market characterized by declining prices and an influx of cheap imports, SAIL has managed to achieve better EBITDA during the Q3FY25 compared to the corresponding period last year,” chairman Amarendu Prakash was quoted in a release.

“We expect that with appropriate interventions, the issue of cheap imports will be addressed and government’s drive on infrastructure development will bode well for the domestic steel industry while driving the demand further,” he said.

The company announced its earnings after the close of market hours on Tuesday. Its shares were trading at Rs 105.31 on the NSE on Wednesday, up 5%f from the previous close.