SAIL8217;s Q3 profit down 43

The total income of the company declined to Rs 10,729 crore against Rs 11,280 crore a year earlier,its raw material consumption grew to Rs 5,991 crore during the quarter against Rs 5,262 crore in the third quarter of last fiscal.

SAIL largely meets its iron ore requirement from captive sources,but it has to rely heavily on imported coking coal to fire the blast furnaces in the reporting quarter. Coking coal and iron ore are the two key raw materials for steel making. Weaker rupee also negatively impacted the steel makers8217; bottom line to the tune of Rs 466 crore during the reporting quarter.

SAIL attributed the forex loss to 8220;unusual and steep depreciation in the value of the rupee against US dollar and euro8221;.

SAIL8217;s scrips today provisionally closed at Rs 110.35 apiece,down 2.43 per cent over the previous day8217;s closing.

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