Mumbai: State-owned Steel Authority of India Ltd (SAIL) reported a 23% drop in quarterly profit, weighed by higher input and wage costs and sluggish sales.
SAIL, India’s largest domestic steel producer, said December quarter net profit fell to Rs.484 crore from Rs.630 crore a year earlier. Net sales fell marginally to Rs.10,495 crore.
Analysts on average had forecast a net profit of Rs.570 crore, according to Thomson Reuters Starmine data.
At 2.20pm, SAIL shares were trading 0.5% lower on BSE.