Indian government-run steel producer Steel Authority of India Limited (SAIL) has reported a consolidated net profit of INR 817.80 million ($9.70 million) in the first quarter (April-June) of the fiscal year 2024-25, a decline of 61 percent year on year, according to a company statement on Friday, August 9.
The company reported total revenue at INR 239.97 billion ($2.86 billion) during the quarter, a decline of one percent year on year.
“The challenges posed by cheaper imports are anticipated to be addressed appropriately in the future," SAIL chairman Amarendu Prakash said, adding that the steelmaker is focussed on increasing production volumes.
The profit in the first quarter was impacted by lower net sales realisations and adjustments related to exceptional items, the company said in a statement.