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PSU-steel-major SAIL reported a net loss of ₹386 crore for the quarter ending September 30, 2022 against a standalone net profit of ₹4,304 crore in the year-ago-period.
The company saw a near flat revenue from operations for the period under review, at ₹26,246 crore.
Earnings before interest, tax, depreciation and amortisation dropped to ₹1,174 crore, down 84 per cent YoY.
The PSU major in a statement said margins have been impacted by prices of imported coal and slowing down of demand of steel across economies. “However, the ongoing sustained infra push gives signs of better times ahead for Indian steel market,” it added.
For Q2, crude steel production was 4.30 million tonne (mt), down 4 per cent YoY. Sales volumes dropped by 2 per cent, YoY, to 4.21 per cent.
During the six-month period, April–September, the company saw its profit after tax drop to ₹391 crore, down 95 per cent, YoY. Revenue from operations during the period stood at ₹50,275 crore.
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