SAIL Narrows Net Loss To ₹539 Crore In Q2
SAIL has reduced its net loss to ₹539 crore in the quarter ended September 30. The company had reported a net loss of ₹732 crore in the corresponding quarter in the previous fiscal.
It reported a 21 percent growth in net sales revenue at ₹13,442 crore for the quarter under review.
The company said despite improved revenues, earnings were impacted by a “huge rise in imported coal price, which partially negated the higher accruals”. It said that it was focusing on ramping up production from new facilities, in a bid to neutralise the rise in input costs. .
“Our focus on reducing operating cost of assets, prudent finance management, efficient production process and increased share of value added and branded products is beginning to show results. The products from our modernised mills will continue to claim a large share of steel usage in several national infrastructure projects,” P K Singh, Chairman, SAIL, said.
He added that in line with the government’s strategies for improving infrastructure, SAIL is aiming to supply large quantities of steel in projects including Sagarmala, upcoming Bharatmala project and railway expansion.
SAIL’s emphasis on increasing the share of high value products in its basket has begun to positively influence revenue earnings. SAIL recorded 4 percent growth in domestic sales in H1FY18 (Apr-Sept’17) with 21 percent improvement in sales of high value products like Cold Rolled and galvanized products. There has also been a sizeable 30 percent improvement in sales of railway products during H1 FY18.
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