November 2, 2018 / 1:41 PM / in 10 months

SAIL posts second-quarter profit, but misses estimate

A motorcyclist rides past an advertisement of Steel Authority of India Ltd. (SAIL) at a street in New Delhi, India, August 5, 2016. REUTERS/Adnan Abidi

(Reuters) - Steel Authority of India posted a net profit of 5.54 billion rupees ($76.48 million) for the quarter ended September, helped by robust revenue growth in its Eastern Indian plants.

The country’s second-biggest steel company by assets had posted a loss of 5.39 billion rupees for the same period last year.

Net profit came in below analysts’ estimates; seven analysts on average had expected a profit of 8.29 billion rupees, according to Refinitiv data.

Revenue from operations surged 22.8 percent to 167.18 billion rupees, the company said.

Revenue from Rourkela and Bokaro steel plants in Eastern India, which accounted for majority of its income, soared 37.4 percent and 24.1 percent, respectively.

($1 = 72.4350 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru, Editing by Sherry Jacob-Phillips

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