SAIL Q1 net profit dips 81 pc to Rs 103 cr

Steel Authority of India Ltd (SAIL) on Friday reported a 81.39 per cent decline in consolidated net profit at Rs 102.68 crore for the first quarter ended June 30, 2019. The company had posted a profit of Rs 551.96 crore in the same period a year ago.

Revenue from operations declined to Rs 14,820.89 crore during April-June period as compared with Rs 15,907.53 crore in corresponding period last year, SAIL said in a regulatory filing. "The domestic steel industry has witnessed subdued demand during the first quarter of the financial year compared to corresponding period last year," SAIL Chairman Anil Kumar Chaudhary said in a separate statement.

However, he said, with the government announcing planned investments in steel intensive sectors including infrastructure and construction, a positive impact can be expected for the industry for the rest of the financial year. During June quarter, SAIL's crude steel output was at 3.930 million tonne (MT) as compared to 4.945 MT in the same period of 2018-19.