State-owned Steel Authority of India Limited (SAIL) has posted over 50 per cent fall in its consolidated net profit to Rs 1,159.21 crore for the quarter ended March 31, dragged down by lower income.
It had clocked a net profit of Rs 2,478.82 crore during the January-March quarter of the preceding 2021-22 financial year (FY), the company said in a regulatory filing on Thursday.
The company also reported a sharp fall in its total income to Rs 29,416.39 crore, from Rs 31,175.25 crore in the year-ago quarter.
In a separate statement, SAIL said its crude steel production during the last quarter of FY23 was at 4.95 million tonnes (MT), higher from 4.60 MT a year ago.
SAIL's sales were down at 4.68 MT, as against 4.71 MT in January-March FY22.
The board of the company has also recommended Re 0.50 per share as final dividend for FY23.
"Higher prices of coal and volatility of steel prices have impacted the margins of SAIL. In the current financial year, the company is taking strategic steps for improving the performance," it said.
Steel Authority of India Ltd (SAIL), under the Ministry of Steel, is among the country's top five steel producing companies with a total installed capacity of about 21 MT per annum.