Steel Authority of India (SAIL) consolidated profit slides 73.5% YoY at Rs. 212.5 crore for the Q1FY24 quarter again Rs. 804.5 crore YoY due to higher other income and lower tax expenses.
The company reported a profit as compared to consensus estimates of loss for the quarter under review. Bloomberg consensus estimate suggests net loss of Rs 67.2 crore for the quarter.
Essentially, for the quarter, other income stood at Rs 463.7 crore as compared to Rs 170.8 crore, up 2.7 times. Tax expenses dropped 68.8% at Rs 75.7 crore versus Rs 242.8 crore in the quarter ended June 30, 2023.
The standalone revenue for the quarter grew by 1.4 percent to Rs 24,359.1 crore compared to Rs 24,028 the year-ago period. Bloomberg consensus estimate stood at Rs 23,607.5 crore
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter stood at Rs 1,648.8 crore, down 28.4 percent year on year basis. EBITDA Bloomberg estimates stood at Rs 1518.6 crore. Muted revenue growth and higher expenses weighed down on the operational performance of the company.
EBITDA Margins shrunk to 6.8% for the quarter that ended June 30, 2023 versus 9.6% for the corresponding quarter of the previous year.
At 9.28am, the stock was trading at Rs 91.33 on BSE, down 1.33 percent from its previous close while India's benchmark Sensex fell 0.24 percent.
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