SAIL Q1 Results FY2023, PAT at Rs. 776 crores

On 10th August 2022, SAIL announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- The company produced in total 4.33 million tonnes steel production

- The sales volume stood at 3.15 million tonnes for Q1FY23.

- Revenue from operations stood at Rs. 24029 Crores grew by 16.4% over the same quarter last year. 

- EBITDA before non-operating income at Rs. 2606 Crores declined by 60.95 % over the same quarter last year. 

- Profit before Tax (PBT) at Rs. 1038 Crores dropped by 79.82 % over the same quarter last year. 

- Profit after tax (PAT) at Rs. 776 Crores dropped by 79.84% over the same quarter last year. 

In its Press Release, the company said that the first quarter of FY'23 saw twin challenges of higher input costs and subdued market demand, both global and domestic, impacting the performance of the Company. High cost of production due to increase in imported coking coal prices had an impact on the bottom-line of the Company. The decline in global demand and prices for steel had a direct bearing on the domestic market and price realisation. Since peaking in Apri122, the prices for steel have continuously remained under pressure during the quarter. The Company, however, said that the construction and infrastructure projects have gained momentum which will boost the demand for steel products. The Company is confident of improved performances in the second half of the current financial year with significant reduction in prices of imported coal and uptick in demand.