Steel Authority of India Ltd.'s profit fell in the quarter ended December as its revenue fell and expenses rose.
The PSU steelmaker's consolidated net profit declined 64.5% over a year earlier to Rs 542.2 crore in the third quarter, according to an exchange filing.
The company reported a standalone net profit of Rs 463.5 crore for the quarter, down 67.9% from the same period a year earlier.
Steel Authority of India Q3 FY23 Highlights (Consolidated, YoY)
Revenue down around 1% to Rs 25,042.1 crore.
Ebitda declined 38.9% to Rs 2,078.5 crore.
Ebitda margin at 8.3% vs 13.5%.
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.
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