New Delhi: State-owned companies on Monday announced a roughly 65 percent decline in their consolidated net profit at Rs 542.18 crore in the December 2022 quarter on account of rising expenses. Ltd (SAIL) disclosed in a regulatory filing that the business had a net profit of Rs 1,528.54 crore during the October-December period of the previous fiscal year 2021–22.
The total amount it spent went up from Rs 23,209.88 billion to Rs 24,825.11 billion.
But total income dropped from Rs 25,398.37 billion in the same time period last year to Rs 25,140.16 billion.
During the period of October through December, SAIL’s crude steel production increased to 4,708 million t (MT) from 4,531 million t (MT) the previous year.
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However, sales increased to 4,151 MT from 3,840 MT in the same period last year.
“The hard global environment and economic condition all over the world had an effect on steel pricing, which impacted the margins of steel producers,” SAIL stated.
The government is putting a lot of effort into spending more on infrastructure, so the report says that domestic steel consumption is likely to grow in the short to medium term.
Under the Ministry of Steel, SAIL is the largest steel-producing enterprise in the country, with an annual capacity of approximately 21 MT.