The state-owned Steel Authority of India reported its financial results for the quarter ended September 2023 on November 10. The company reported a profit of ₹1,305.6 crore against a loss of ₹330 crore in the year-ago period. SAIL reported a 84.4% decline in profit in the previous quarter.
According to the company, the profit was hurt by an exceptional item of ₹414.96 crore, which is provision for settlement of contractual disputes under Vivad se Vishwas Scheme - II.
The revenue for the quarter under review came at ₹29,712 crore, up 13.2% from the year-ago period. In the April-June quarter, SAIL reported a total revenue of ₹24,359.1 crore.
The shares of the company ended nearly a percent higher on Friday, November 10 ahead of its earnings announcement. The stock is up for third straight day, however, is down 1.1% in 2023 so far.
Recently global brokerage Citi downgraded the steel producer to ‘sell’ and reduced the target price citing domestic price concerns and lower-than-industry average returns.
First Published: Nov 10, 2023 5:59 PM IST
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