SAL Steel Reports Net Loss of Rs 9.68 Crore in Q1 Amid Rising Expenses
SAL Steel, a Ferro Alloys and Sponge Iron manufacturer, reported a net loss of Rs 9.68 crore for Q1 FY2023-24, compared to a net profit of Rs 0.16 crore in Q1 FY2022-23. Revenue from operations increased to Rs 127.55 crore from Rs 110.70 crore year-on-year. However, total expenses surged to Rs 140.62 crore, resulting in a loss before tax of Rs 12.94 crore. Rising material costs, inventory changes, and increased finance costs contributed to the loss. The company's EPS for the quarter was negative Rs 1.14. Auditors highlighted non-provision of Electricity Duty and failure to impair Capital Work in Progress as key issues.