This maharatna PSU stock falls after Q1 results - Check details

SAIL Share Price NSE, BSE: Shares of State-owned SAIL (Steel Authority of India) fell around two per cent after the Maharatna PSU  posted a 61.51 per cent fall in consolidated net profit to Rs 81.78 crore. The fall in net profit was mainly on account of reduced income. The counter opened in red at Rs 135.65 despite benchmark indices Sensex and Nifty bouncing back sharply in early trade tracking a significant rally in the US and Asian markets.

It gained a bit to touch the mark of Rs 137.15 but touched the low of Rs 134.85 - a fall of 1.92 per cent from the previous close, amid selling pressure.

SAIL Share Price History

According to BSE Analytics, the counter has gained 45 per cent in one year and 72 per cent in two years. The scrip has gained 8.46 per cent so far this year.

SAIL Quarterly Results

The state-owned company posted a 61.51 per cent fall in consolidated net profit to Rs 81.78 crore. It had reported a net profit of Rs 212.48 crore during the April-June period of the preceding 2023-24 fiscal, the company said in an exchange filing.

The company's total income declined to Rs 24,174.80 crore during the quarter from Rs 24,822.83 crore a year ago. Its expenses were at Rs 23,871.60 crore as against Rs 24,598.06 crore in the year-ago period.

The standalone profit after tax nosedived to Rs 10.68 crore from Rs 150 crore in April June FY24.

In a separate statement, the company said its crude steel production was at 4.67 million tonnes (MT) against 4.68 MT a year ago. 

Sales volume fell to 3.88 MT from 4.01 MT in the first quarter of FY24.