The shares of the Steel Authority of India (SAIL) jumped nearly 3 percent on February 12 to trade at Rs 102.75 apiece, dodging the overall bearish trend in the stock market. This comes after the company released its results for the third quarter (Q3) of the current financial year (FY25) in the post-market hours of February 11.
SAIL reported a consolidated net profit of Rs 142 crore for the quarter which ended on December 31, 2024. This however marks a fall of nearly 66 percent from the Rs 423 crore net profit reported in the corresponding quarter of the previous financial year.
Its revenue from operations improved 5 percent year-on-year to Rs 24,490 crore during Q3 FY25. It had earlier reported revenue from operations at Rs 23,349 crore for Q3 FY24.
The company's standalone EBITDA marginally increased by nearly 3 percent on-year to Rs 2,389 crore. Its sales volume meanwhile improved to 4.43 million tonne.
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Commenting on the company's Q3 results, SAIL Chairman Amarendu Prakash said, "In the face of a challenging steel market characterized by declining prices and an influx of cheap imports, SAIL has managed to achieve better EBITDA during the Q3FY25 compared to the corresponding period last year. We remain steadfast in our commitment to boost production and enhance cost efficiency, while simultaneously further explore and adopt greener technologies. We expect that with appropriate interventions, the issue of cheap imports will be addressed and government's drive on infrastructure development will bode well for the domestic steel industry while driving the demand further."
SAIL shares are currently the top gainer on the Nifty Metal index, which is down 0.11 percent at 8,204.90. The metal stocks are under active watch after US President Donald Trump on February 10 officially signed an executive order, raising tariff rate on aluminium imports from 10 percent to 25 percent, and reinstating a 25 percent tariff on millions of tons of steel imports.
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