During the quarter, profit before exceptional items and tax stood at Rs 1,112.55 crore, down 47.3% as compared with Rs 2,111.16 crore in Q2 FY24. The steel making company reported exceptional loss of Rs 414.96 crore in same quarter previous fiscal.
Total expenses fell 14.12% to Rs 23,831.64 crore in Q2 FY25 as compared with Rs 27,776.05 crore in Q2 FY24.
Cost of material consumed stood at Rs 12,242.59 crore (down 9.43% YoY), employee benefit expenses was at Rs 2,871.66 crore (down 99.08% YoY), while finance cost was at Rs 757.52 crore (up 25.16% YoY) during the period under review.
EBITDA de-grew 21.49% YoY to Rs 3,174 crore in the second quarter of FY25.
The lower performance in Q2 FY25 over Q2 FY24 was influenced by factors like cheaper imports and decrease in prices.
Sales volume stood at 4.10 million tonnes (MT) in Q2 FY25 as against 4.77 MT in Q2 FY24 while crude steel production was at 4.76 MT during the quarter as compared with Rs 4.80 MT posted in same quarter last year.
Amarendu Prakash, chairman, SAIL, said, "We expect H2 FY25 to bring more promising results compared to H1 FY25, which was impacted by various challenges. Moving forward, with expected downtrend in steel imports and projected growth in GDP & capital expenditure, H2 FY25 may yield better performance".
Steel Authority of India (SAIL) is the leading steel-making company in India. The company is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export markets.