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Aug 06, 2012, 05.17 PM IST
State-owned steel producer Steel Authority of India's (SAIL) net profit fell by 17.9% year-on-year to Rs 696.4 crore in the quarter ended June 2012 due to forex exchange losses and lower other income.
The company has reported a forex loss of Rs 257 crore during the quarter as against Rs 11.6 crore in a year ago period. Other income dropped by 40% to Rs 278.4 crore,YoY.. Net sales declined by 1.7% YoY to Rs 10,640.7 crore. However, earnings before interest, tax, depreciation and amortisation (EBITDA) margin rose by 190 basis points YoY to 13%. At 14:05 hours IST, the share rose 0.9% to Rs 85.50 amid large volumes due to improved margin.
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