State-owned steel maker SAIL today reported 45 per cent dip in net profit to Rs 649.49 crore for the second quarter ended September 30, 2014-15.
Steel Authority of India had clocked Rs 1,180.39 crore net profit in the July-September quarter of last fiscal, it said in an exchange filing.
Gross sales of the company rose marginally to Rs 12,934 crore in Q2, from Rs 12,802 crore a year ago. Expenses, on the other hand, came down to Rs 10,734 crore from Rs 11,136 crore.
SAIL’s profit from ordinary activities before finance costs and exceptional items were, however, higher at Rs 1,107 crore from Rs 553 crore a year earlier.
Finance cost rose to 355.78 crore from Rs 218.49 crore a year earlier.
During the July-September quarter of the last fiscal, the company had received Rs 1,056.26 crore as one-time gain from Brazilian miner Vale as compensation for non-performance of a contract.
During the reporting quarter, SAIL did not have any exceptional gain.