SAIL's Q1 net falls 18% on forex losses, lower other income

State-owned steel producer Steel Authority of India 's (SAIL) net profit fell by 17.9% year-on-year to Rs 696.4 crore for the June quarter due to forex exchange losses and lower other income.

The company has reported a forex loss of Rs 257 crore during the quarter as against Rs 11.6 crore in a year ago period. Other income dropped by 40% to Rs 278.4 crore,YoY..

Net sales declined by 1.7% YoY to Rs 10,640.7 crore. However, earnings before interest, tax, depreciation and amortisation (EBITDA) margin rose by 190 basis points YoY to 13%.

At 14:05 hours IST, the share rose 0.9% to Rs 85.50 amid large volumes due to improved margin.