August 3, 2018 / 1:49 PM / 2 months ago

Steel Authority of India misses profit estimates

(Reuters) - Steel Authority of India Ltd missed analysts’ estimates for quarterly profit on Friday, as it booked a one-time charge of 2.77 billion rupees ($40.38 million), including a provision for royalty payment to Odisha government.

FILE PHOTO: 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/File Photo

However, higher income from its flagship steel plant located in Chhattisgarh helped the company post a net profit of 5.40 billion rupees for the quarter ended June 30, compared with a loss of 8.01 billion rupees a year earlier.

Analysts were looking for a profit of 7.46 billion rupees, according to Thomson Reuters I/B/E/S.

The company said the exceptional item included a provision of 1.44 billion rupees to Odisha government’s royalty claim related to iron ore fines from August 1, 2009 to August 23, 2012.

Revenue from operations rose 22.5 percent to 159.07 billion rupees.

($1 = 68.6050 Indian rupees)

Reporting By Aparajita Saxena in Bengaluru

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