Indian government-run steel producer Steel Authority of India Limited (SAIL) has reported a consolidated net profit of INR 11.26 billion ($134.85 million) for the fourth quarter (January-March) of the fiscal year 2023-24, a decline of three percent year on year, according to a company statement on Tuesday, May 21.
Total sales revenues have been reported at INR 279.6 billion ($3.35 billion), a fall of 4.02 percent year on year.
For the full fiscal year 2023-24, the company achieved a consolidated net profit of INR 30.666 billion ($367.27 million), a rise of 40.90 percent year on year, with total sale revenues of INR 1.05 trillion ($12.62 billion), 0.89 percent higher than in the previous fiscal year.
“The Indian steel market has 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 said in its statement.