SAIL surges out of red with Rs 1,306 crore profit in Q2

Public sector steel behemoth SAIL on Friday reported a consolidated net profit of Rs 1,306 crore for the July-Sept quarter on the back of steady domestic demand and lower input costs.

The company had reported a net loss of Rs 329 crore in the year-ago period.

The steel giant posted 13 per cent growth in consolidated revenue from operations at Rs 29,712 crore in Q2FY24 as against Rs 26,246 crore in Q2FY23

“The Company has achieved its best ever performance in production and sales for H-1 and Q2 of the current financial year. The crude steel production and sales volume have registered a growth of 9.7 per cent and 17.4 per cent respectively during H1 FY’24 over the corresponding period of last year,” according to a SAIL statement.

Similarly, in Q2 of this financial year, crude steel production and sales volume have increased by 11.6 per cent and 13.3 per cent respectively over the corresponding period last year, it added.

The consistent efforts by the company towards increasing its volumes have had a positive impact on the financial performance despite the significant decline in the price realisation in the market. The company remains committed towards improving capacity utilisation, value addition and cost competitiveness, the SAIL statement added.