NEW DELHI: Public sector undertaking Steel Authority of India Ltd (SAIL) reported an over 60% decline in consolidated net profit for the first quarter of financial year 2024-25 to ₹81.78 crore.
A company statement attributed decline in profits to fall in domestic sale price of steel due to pressure from imports.
The company’s consolidated total income slipped by 2.61% to ₹24,174.8 crore compared with the same quarter of the previous financial year.
The fall in bottom line is despite an exceptional gain of ₹311.76 crore booked by the company during the quarter under review.
In a filing to the exchanges, SAIL said ₹309.34 crore of this exceptional gain relates to prerequisites and allowances payable to executive employees of the company from November 2008 to October 2009.
Commenting on the financial performance, SAIL chairman Amarendu Prakash said, “The challenges posed by cheaper imports are anticipated to be addressed appropriately in the future.”
Besides the financial performance, SAIL also stated on Thursday that it has revoked the suspension of senior employees who were being probed for discrepancies in certain policy and pricing decisions of the company. Two directors and multiple executive director level officers of SAIL were suspended in January 2024 after the Lokpal concluded there were discrepancies in commercial dealings at the public sector undertaking.
GAIL and RRVUNL Partner To Optimise Gas-Based Power Plants, Eyeing 1,000 MW Solar Projects 