February 12, 2013 / 9:04 AM / 5 years ago

SAIL Q3 net slips 23 percent, misses estimates

MUMBAI (Reuters) - State-owned Steel Authority of India(SAIL.NS) reported a 23 percent drop in quarterly profit, weighed by higher input and wage costs and sluggish sales.

A labourer works in a ferrochrome factory at Bharibramna, 20 km (12 miles) west of Jammu, July 15, 2008. REUTERS/Amit Gupta/Files

SAIL, India’s largest domestic steel producer, said December quarter net profit fell to 4.84 billion rupees from 6.3 billion a year earlier. Net sales fell marginally to 104.95 billion rupees.

Analysts on average had forecast a net profit of 5.7 billion rupees, according to Thomson Reuters Starmine data.

At 2.20 p.m. (0850 GMT), SAIL shares were trading 0.5 percent lower in a firm Mumbai market.

Reporting by Prashant Mehra; Editing by Anand Basu

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