Steel Authority of India's (SAIL) December quarter profit dropped 23% to Rs 484 crore, year-on-year as higher interest cost and weak rupee continue to dent margins. Sales, however, grew 2% to Rs 11801 crore as demand picked up on improved construction activities.
Steel Authority of India's (SAIL's) December quarter profit dropped 23% to Rs 484 crore, year-on-year as higher interest cost and a weak rupee continued to dent margins. However, sales grew 2% to Rs 11801 crore on better demand from construction and infra companies.
The company had to shell out Rs 222 crore toward finance cost, up 20%,YoY . During the period, forex loss narrowed down to Rs 33.71 crore from Rs 466.28 crore,YoY.
Shares of the company declined marginally to Rs 80.75 post earnings announcement. Did you read: MMTC, RCF, SAIL, Nalco sell-off as per plan: Govt
Going ahead, SAIL's operational performance may be impacted by higher employee expense and cost over-run in its brownfield expansion projects. The state firm is keen to double capacity to 24 million tonnes by FY15.
Set email alert for
ADS BY GOOGLE
video of the day
Market technically overbought; paper supply to weigh: Dutt