SAIL Posts Rs. 616 Crore Profit In December Quarter, Beats Analysts' Estimates

Revenue from operations rose 3.3 per cent to Rs. 15,836 crore, SAIL said.

Steel Authority of India posted on Thursday a more than 14-fold surge in third-quarter net profit, topping estimates, as the company clocked in record production of saleable steel and crude steel.

Net profit came in at Rs. 616 crore ($86.25 million) for the three months ended December 31, compared with a profit of Rs. 43.16 crore in the previous year, the country's second-biggest steel company by assets said.

This is above analysts' estimate of Rs. 563 crore as net profit, according to Refinitiv Eikon data.

Revenue from operations rose 3.3 per cent to Rs. 15,836 crore, the New Delhi-headquartered company said.

Crude steel production jumped 10 per cent, while saleable steel production rose 5 per cent, the company said.

($1 = Rs. 71.42)