Indian government-run Steel Authority of India Limited (SAIL) slipped into the red reporting a net consolidated loss of INR 3.29 billion ($40.22 million) in the second quarter (July -September) of the fiscal year 2022-23, against a net profit of INR 43.38 billion ($530 million) in the corresponding quarter of the previous fiscal year, according to a regulatory filing of the company on Friday, November 11.
Total revenue was reported at INR 266.42 billion ($3.26 billion), a decline of two percent over the corresponding period of the previous year.
The company’s crude steel production fell to 4.30 million mt during the quarter, against 4.47 million mt in the corresponding quarter of the previous fiscal year, while sales declined to 4.21 million mt from 4.28 million mt.
$1 = INR 81.80