Two major concerns of BSRM Group yesterday reported a decline in sales revenue in the first quarter of the financial year 2023-24 although the steel makers' profit bounced back.

BSRM Ltd, the largest steel maker in country, recorded Tk 65.85 crore in profit July-September period during the current financial year, rebounding from losses of Tk 168.46 crore in the same period a year ago thanks to reductions in the price of raw materials in the international market.

Similarly, BSRM Steels Ltd, another concern of group, posted Tk 45.64 crore in profit in the first three months of the current financial year ending in the next June. The company had incurred losses of Tk 48.80 crore in the same period the previous year, according to financial statements made available for shareholders this week.

However, BSRM Steels suffered a 12 percent year on year drop in revenue, recording Tk 1,480 crore in the July-September period 2023.

BSRM Ltd, the main entity, recorded a 2 percent decline in its sales during the period, showed a financial statement published separately.

Tapan Shengupta, deputy managing director of BSRM, said sales volume fell during the first quarter.

"This quarter falls in rainy season so demand for the steel products remains lower than in other months of the year. Besides, there has been a slowdown in construction of public and private projects," he said.

Earnings per share (EPS) of BSRM Steels Ltd rose to Tk 1.21 in July-September period 2023 from losses per share of Tk 0.93.

BSRM Ltd's EPS soared to Tk 2.20 the first quarter of the current financial year compared to losses per share of Tk 5.51, according to the financial statement.

The steel industry majors -- BSRM Ltd and BSRM Steels Ltd-- recorded a fall in profit in the 2022-23 financial year despite recording their highest ever turnover due to increased finance costs resulting from increased cost of the US dollar and a higher interest rate.

Shares of the steel makers closed unchanged at the Dhaka Stock Exchange yesterday.