Moneycontrol Bureau
Steel Authority of India (SAIL) missed street expectations on Friday with the fourth quarter net profit declining 26.2 percent year-on-year to Rs 334 crore on lower revenue and higher finance cost.
Total income from operations dropped 13.9 percent to Rs 11,585 crore during January-March quarter from Rs 13,461 crore in the corresponding quarter of last year due to lower sales volumes.
Profit was expected at Rs 385 crore on revenue of Rs 12,290 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.
Operating profit (EBITDA) fell 22 percent year-on-year to Rs 930 crore but margin expanded by 10 basis points to 9 percent in the quarter gone by.
Finance cost during the quarter spiked 36.4 percent to Rs 427 crore while other income increased 25.4 percent to Rs 279.3 crore compared to same quarter last year. Other income included Rs 199.81 crore towards profit on sale of investment in one of the joint ventures of the company, said the company in its filing.
The state-run steel maker has tax gain of Rs 59 crore during the quarter against tax expenses of Rs 153.5 crore in the year-ago period.
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