SAIL’s net loss declines to Rs 730 cr -Governance Now

SAIL’s net loss declines to Rs 730 cr

Standalone income of SAIL increases by 21 per cent to Rs 12,577.90 cr in July-Sept quarter this fiscal from Rs 10,378.91 cr during the same quarter last fiscal

GN BUREAU | December 9, 2016

#standalone #coal prices #psu #SAIL

Country’s largest steelmaker-- Steel Authority of India Limited (SAIL) on Thursday claimed of registering slump in standalone net loss at Rs 730.72 crore for the quarter ended September 30, helped by a strong marketing push and cost optimisation measures, reported Press Trust of India (PTI).

The agency reported that the SAIL had posted a net loss of Rs 1,108.55 crore in the year-ago period.

Total standalone income of the Maharatna firm rose by 21 per cent to Rs 12,577.90 crore in July-September quarter this fiscal from Rs 10,378.91 crore during the same quarter in 2015-16.

Its total expenses were higher at Rs 13,132.04 crore during the period under review, compared to Rs 11,836.11 crore in the corresponding period last year.

SAIL Chairman P K Singh said that despite surging coal prices, SAIL is working on a holistic strategy to remain competitive by reducing our cost, faster ramping up of new facilities and aggressive marketing.

“In tandem with the country’s impressive economic growth among large economies, the domestic steel consumption is rapidly growing which, coupled with growth oriented policies of the government, will see further improvements in future, the agency quoted Singh as saying.

In these difficult market conditions, SAIL management’s suitably tailored marketing strategies, customer and market centric approach and the concerted efforts to ramp up production from the modernised facilities resulted in sales growth across all product categories, the steelmaker said.

Also in keeping with its focus to increase global footprint, SAIL’s exports more than doubled in the first half this fiscal, it added.

Comments

Other News

GST revenue in May clocks 12% y-o-y growth

The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is ₹1,57,090 crore of which CGST is ₹28,411 crore, SGST is ₹35,828 crore, IGST is ₹81,363 crore (including ₹41,772 crore collected on import of goods) and cess is ₹11,489 crore (including ₹1,057 crore collecte

Need local solutions to climate change: P Velrasu of BMC

Climate change rising temperature and sea levels are posing new risks for coastal cities. With population growth rate of 1%- 2% in India every year, Mumbai too is growing and is population will double from 20 million to 40 million in the coming years. The city is also at the risk of rising sea level. It ne

Civil Services 2022 Top 20 felicitated

Union Minister of State (Independent Charge) for Science and Technology, MoS PMO, Department of Atomic Energy and Department of Space and MoS Personnel, Public Grievances and Pensions, Dr Jitendra Singh on Tuesday interacted with and felicitated the first 20 All India Toppers of IAS/ Civil Services Exam 20

Boost to offshore wind energy projects

In a major decision, the Government has decided to grant waiver of ISTS charges to Off-Shore Wind Projects and extend the waiver to Green Hydrogen/Green Ammonia. This decision has been taken to facilitate wider execution of offshore wind energy initiatives, to promote the expansion of Green Hydrogen / Gree

Duty of stakeholders to provide cost effective, alternate energy fuels: Gadkari

Urging use of alternative and cost effective fuels to reduce pollution caused by vehicles, union road transport and highways minister Nitin Gadkari on Thursday said finding cost-effective fuels is the need of the hour and underlined that use of fuels like bio-CNG and green hydrogen help in protecting the e

Record production of rice, wheat, and sugarcane estimated

The foodgrain production of 3305.34 lakh tonnes is estimated in the current agricultural year 2022-23 – higher by 149.18 LMT as compared to the previous year, according to the Third Advance Estimates of production of major crops released by the ministry of agriculture and farmers welfare.