SAIL third-quarter profit surges 14-fold on record production

Steel Authority of India posted on Thursday a more than 14-fold surge in third-quarter net profit, topping estimates, as the company clocked in record production of saleable steel and crude steel.

Net profit came in at 6.16 billion rupees ($86.25 million) for the three months ended Dec. 31, compared with a profit of 431.6 million rupees in the previous year, the country`s second-biggest steel company by assets said.

This is above analysts` estimate of 5.63 billion rupees as net profit, according to Refinitiv Eikon data.

Revenue from operations rose 3.3 percent to 158.36 billion rupees, the New Delhi-headquartered company said.

Crude steel production jumped 10 percent, while saleable steel production rose 5 percent, the company said.