State-owned SAIL on Wednesday posted a 79 per cent fall in its consolidated net profit to Rs 804.50 crore during the June quarter dragged by higher expenses.
It had clocked Rs 3,897.36 crore in the April-June period of 2021-22 fiscal, Steel Authority of India Limited (SAIL) said in a regulatory filing.
The company's total income rose to Rs 24,199.51 crore from Rs 20,754.75 crore in the year-ago quarter. Its expenses grew to Rs 23,295.23 crore as against Rs 15,604.07 crore a year ago.
The company, in a separate statement, said its crude steel output was at 4.33 million tonne (MT), up from 3.77 MT in same quarter of the preceding financial year. The company's sales fell to 3.15 MT as compared to 3.33 MT last year.
"The first quarter of FY23 saw twin challenges of higher input costs and subdued market demand, both global and domestic, impacting the performance of the company. High cost of production due to increase in imported coking coal prices had an impact on the bottom-line of the company," SAIL said. The decline in global demand and prices for steel had a direct bearing on the domestic market and price realisation, it said.
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