Total income during the period under review stood at Rs 24,822.83 crore, up from Rs 24,199.51 crore in the first quarter of fiscal 2022-23. The lower profit is on account of higher expenses that were reported at Rs 24,598.06 crore during the quarter ending June 2023, up from Rs 23,295.2 crore in the same months last fiscal. Lower product prices also acted as a dampener for the company.
A SAIL statement said this is the best ever first quarter performance achieved by the company with respect to Productions and Sales. “Despite increase in volumes, the turnover has increased by 1% due to decline in price realization,” the company said.
“With the coking coal prices stabilizing and market outlook positive for sustained consumption growth in the country, margins are likely to improve going forward. The Company is also taking up debottlenecking and efficiency improvement projects to shore up the profitability in the medium term,” the company added.
Shares of the company closed 0.054% down in trade at Rs 92.93 a scrip during trade on Thursday.