SAIL shares rise 3% despite Q3 profit plunging 66% on increased expenses; check other details

The company, which is one of the largest steel producers in India, reported over a 66% decline in consolidated net profit to ₹141.89 crore for the December quarter, on account of increased expenses.

It posted a ₹422.92 crore profit for the year-ago period, the company said in an exchange filing.

The company's total income, however, rose to ₹24,723.43 crore from ₹23,492.33 crore in the same quarter a year ago.

Expenses surged to ₹24,560.47 crore from ₹23,140.81 crore in the year-ago period.

In a separate statement, SAIL Chairman Amarendu Prakash said in the face of a challenging steel market characterised by declining prices and an influx of cheap imports, SAIL has managed to achieve higher EBITDA during the quarter under review compared to the corresponding period last year.

"We expect that with appropriate interventions, the issue of cheap imports will be addressed, and the government's drive on infrastructure development will bode well for the domestic steel industry while driving the demand further," he said.

In January 2025, SAIL said that Manish Gupta had taken charge as its Director of Technical Projects and Raw Materials.

Gupta took charge on Monday.

A graduate in mechanical engineering from MANIT Bhopal, Gupta began his career with SAIL in 1991 as a management trainee, technical at Durgapur steel plant, SAIL said.

SAIL had reported a 31% fall in consolidated net profit at ₹897.15 crore in the September quarter of 2024, dragged down by lower income.

It had posted a ₹1,305.59 crore net profit in the period ended September 2023.

The company's total income decreased to ₹24,842.18 crore in the latest September quarter from ₹29,858.19 crore in the second quarter of the preceding 2023-24 financial year.

Its expenses stood at ₹23,824.07 crore as against ₹27,768.60 crore in the year-ago quarter.