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SAIL Q3 net profit slumps 22% to Rs 423 crore

Steel Authority of India Ltd (SAIL) reported a lower net profit of Rs 422.92 crore for the December quarter, down 22% from the same period last year. The decrease was due to inventory costs. However, the company's efforts to increase volumes had a positive impact on its financial performance. SAIL's revenue from operations for the quarter stood at Rs 23,348.64 crore, down 6% from the previous year. The company also declared an interim dividend of Rs 1 per share. SAIL recently suspended two directors and placed 26 officials on suspension over discrepancies in certain deals.

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