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.

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