PSU steel-maker, the Steel Authority of India Ltd (SAIL) reported a 3 per cent dip, y-o-y in consolidated net profit to ₹1,126 crore for the quarter ending March 31, 2024. The net profit in the year-ago period was ₹1,159 crore. 

The dip in profits came on the back of a fall in steel prices and higher costs. 

Revenue from operations stood at ₹27,959 crore, down 4 per cent, y-o-y. 

Earnings of steelmakers in India have been under pressure, due to higher imports from China, that is selling finished steel products at cheaper prices. 

For the fiscal, net profit saw a 40 per cent jump to ₹3,067 crore. Net profit in the year ago period was ₹2,177 crore. 

Full year revenue from ops was ₹1,05,378 crore, up one per cent, y-o-y as compared to ₹1,04,448 crore in FY23. 

During FY24, the steel-maker’s crude steel production and sales volume, saw a  y-o-y growth of 5.2 per cent, and 5.1 per cent respectively. 

The Revenue from Operations was the third consecutive year when it crossed ₹1,00,000 crore level, it said in a statement. 

 The SAIL Board has recommended a final dividend of ₹1 per equity share i.e. 10 per cent of face value for FY24, subject to the approval of the shareholders.  The company had earlier, paid an interim dividend of ₹1 per equity share during the year.

According to Amarendu Prakash, Chairman, SAIL the Indian Steel Markets have remained quite robust showcasing continual growth in demand. 

“SAIL has been taking various initiatives towards increasing volumes, adding value added products to its product basket and improving efficiency levels which is reflected in the improved physical performance year on year. The company will continue to work on improving its performance further, to tap into the buoyancy in the growing Indian steel market,” he said.