SAIL narrows its net loss to Rs 794.84 crore in Q3

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SME Times News Bureau | 10 Feb, 2017
State-run Steel Authority of India Ltd (SAIL) on Thursday reported a net loss of Rs 794.84 crore for the quarter ended December 31, 2016, as compared to a net loss of Rs 1,481.06 crore in the year-ago period.

India's largest steel maker's income from operation in the quarter under review increased to Rs 12,490.19 crore, up by 26 per cent from Rs 9,928.21 crore in the corresponding period last year.

"Our sustained endeavours in adopting pro-active approach across all its operations improved company's performance. Although continuing to adopt well chalked out cost reduction strategies, sharp rise in prices of imported metallurgical coal during the third quarter impacted the margins," said company's Chairman P.K. Singh.

Company's total expenses were at Rs 13,332.35 crore during the period, as against Rs 11,758.89 crore in the same period last fiscal.

He said the company aimed to improve its market share with improvement in the share of value-added products like high tensile plates, long rails, CR Coils and intensifying marketing approach.

"A company-wide communication exercise is also being undertaken by the management to strategically convey company priorities to all employees for creating a shared vision," he said.

With the government's developmental thrust in infrastructure, construction and manufacturing sector, he said, the company remained bullish that it would create more demand for steel in domestic market, he added.