As per latest Business sector news, Steel Authority of India Limited [SAIL] has announced a marginal fall in net profit in the first quarter of this fiscal year on the back of forex losses.
However, the first quarter sales were flat at Rs 10,640 crore over Rs 10,811 crore as compared to last year, quarterly net profit slipped 17 percent year-on-year at Rs 696 crore against Rs 838 crore, largely on account of forex loss Rs 257 crore.
Talking to media, Chairman of SAIL, Mr. CS Verma said, “The dollar rupee exchange in the June quarter stood at 55.63 against 44.70 last year. The increase is 24 per cent and we have taken a hit of 245 crore.”
A fall in other income part also hits the bottom line. The steel company further announced that other income fall of around 40 percent at Rs 278 crore over Rs 466 crore as compared to the last year.
However, shares of the company showed some gains post earnings announcement. The stock traded 1 per cent higher at Rs 85.55 on the NSE at 2.18 p.m.
