SAIL Q3 Results: Profit Dips On Lower Revenue, Higher Expenses

Steel Authority of India Ltd.'s profit fell in the quarter ended December as its revenue fell and expenses rose.

Expenses increased 7% during the quarter to Rs 24,825.1 crore.

The consolidated financial results include the share of net loss after tax and total comprehensive loss of one associate and nine jointly controlled entities that have not been audited by their auditors, SAIL said in the statement.

It does not include the share of net profit or loss after tax and share of total comprehensive income of one jointly-controlled entity, that are not available, the company said.

"The challenging global situation and economic scenario all over the world had its impact on the steel prices, affecting the margins of the steelmakers," SAIL said.

However, with the government's focus on enhancing capital expenditure in the infrastructure sector, domestic steel consumption is expected to witness an increase in the short to medium term, it said.

SAIL shares closed 1.42% lower on Monday, compared to a 0.41% dip in the benchmark Sensex.