The Steel Authority of India Ltd (SAIL) recorded a 22% fall in its consolidated net profit to ₹422.9 crore for the quarter ended December 31, 2023, owing to lower income. The public sector undertaking (PSU) steel maker posted a net profit of ₹542.18 crore during the October–December period of 2022–23.
The company's revenue dropped to ₹23,348 crore in the third quarter of FY24 from ₹25,042.1 crore a year ago, according to an exchange filing by the company.
SAIL's Q3FY24 EBITDA (earnings before interest, taxes, depreciation, and amortisation) rose 3.1% to ₹2,142.9 crore, from ₹2,078 crore the PSU had reported in Q3FY23. The margin also jumped by 90 basis points to 9.2% from 8.3% it had reported a year ago in the same quarter.
#3QWithCNBCTV18 | SAIL reports #Q3 earnings
-Net Profit down 22% at ₹422.9 cr vs ₹542.18 cr (YoY) pic.twitter.com/eC8RYvCXsn— CNBC-TV18 (@CNBCTV18Live) February 12, 2024
In a statement, SAIL Chairman Amarendu Prakash said, "The consistent efforts by the company towards increasing its volumes have had a positive impact on the financial performance despite the significant decline in the price realization during the quarter."
The company remains steadfast in its commitment towards sustainable performance, including an emphasis on de-carbonisation, improving capacity utilisation, value addition, enhanced digitalisation and achieving cost competitiveness, the official said.
SAIL said its crude steel production during the quarter was marginally higher at 4.75 million tonne (MT) compared to 4.71 MT in the year-ago period. Its sales volume fell to 3.81 MT over 4.15 MT in October-December last fiscal.
SAIL dividend
The SAIL Board has also declared an interim dividend of ₹1 per equity share for FY24 and set February 20 as the record date for payment of the interim dividend.
For the year ending March 2023, SAIL has declared an equity dividend of 15.00% amounting to ₹1.5 per share. The PSU has a good dividend track report and has consistently declared dividends for the last five years.
| Announcement Date | Ex-Date | Dividend Type | Dividend (%) | Dividend (₹) |
| 26-05-2023 | 20-09-2023 | Final | 5 | 0.5 |
| 10/3/2023 | 24-03-2023 | Interim | 10 | 1 |
| 23-05-2022 | 28-07-2022 | Final | 22.5 | 2.25 |
| 14-03-2022 | 28-03-2022 | Interim | 25 | 2.5 |
| 22-10-2021 | 9/11/2021 | Interim | 40 | 4 |
| 11/6/2021 | 20-09-2021 | Final | 18 | 1.8 |
| 25-01-2021 | 4/2/2021 | Interim | 10 | 1 |
| 30-05-2019 | 22-08-2019 | Final | 5 | 0.5 |
| 29-05-2015 | 11/8/2015 | Final | 2.5 | 0.25 |
Chart source: Moneycontrol
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