The Steel Authority of India Limited (SAIL) has announced its financial results for the second quarter and first half (H1) of the Financial Year 2024-25, reporting a dip in profit compared to the previous year. SAIL recorded a standalone Profit After Tax (PAT) of Rs. 844 crore for H1 FY’25, a decline from Rs. 1,390 crore in H1 FY’24. Similarly, Q2 PAT decreased to Rs. 834 crore from Rs. 1,241 crore in the same quarter last year.
Despite the year-over-year dip, SAIL's performance in Q2 FY’25 reflected growth over Q1 FY’25, with improvements in revenue from operations, EBITDA, and sales volume. SAIL attributed the challenges in Q2 FY’25 to intensified import competition and lower steel prices, which impacted profitability compared to Q2 FY’24.
SAIL Chairman Amarendu Prakash shared optimistic outlook for the steel giant’s performance in the second half of the fiscal year, buoyed by anticipated improvements in market conditions. Reflecting on the challenges that hampered the company's progress during the first half, Prakash noted several positive economic indicators that could drive stronger results in H2 FY'25.
In summary, with a more favorable external environment on the horizon, Prakash expressed confidence in SAIL’s potential to navigate these shifts effectively and improve its financial and operational performance in the latter half of FY'25.
