India’s largest state-run steelmaker Steel Authority of India Ltd (SAIL) has posted a 12% quarterly profit rise, though it misses market estimate.

The company said its net profit reached Rs543-crore (US$99.4 million) for the second quarter ended September 30th, but the earlier-estimated profit by Reuters was Rs 730 crore.

SAIL mentioned that its sales was impacted by the cooling demand from India’s auto, consumer goods and construction sectors, which count among its major buyers.