You are here: Home » Companies » Results
Business Standard

SAIL posts Rs 535-cr loss

State-run steelmaker had reported a net loss of Rs 248 crore in the corresponding period of the previous financial year

BS Reporter  |  New Delhi 

SAIL
A man paddles his rickshaw pasts an advertisement of Steel Authority of India Ltd. (SAIL) at a street in New Delhi, India. Photo: Reuters

Steel Authority of India’s net loss for the June quarter widened to Rs 535 crore, mainly on account of an exceptional item after the company paid Rs 54.2 crore towards voluntary retirement compensation during the period. This is the fourth consecutive quarter when the firm has posted a loss.

The state-run steelmaker had reported a net loss of Rs 248 crore in the corresponding period of the previous financial year.


Company’s total income from operations was down to Rs 9,238 crore from Rs 9,493 crore in the year-ago period.

The steelmaker had posted a net loss of Rs 1,231 crore for the March quarter, hit by challenging market conditions and decline in sales realisation.

During the period, had spent about  25 per cent of planned capital expenditure for the current financial year.

All major facilities of its steel plants at Rourkela, IISCO, Durgapur, and have been modernised or completed and are under operation/stabilisation, the company said.

Hot trials in Bhilai’s upcoming has commenced and the balance modernisation of Steel Plant would be completed in the next few months which would improve SAIL’s production capacity to around 20 metric tonnes of saleable steel.

slipped into red in the September quarter of the previous financial year due to lower sales realisation.

Even though the government has extended support to the Indian steel makers in the form of minimum support price and anti-dumping duty, the domestic and international market continues to pose challenge to the indigenous steel makers.

RECOMMENDED FOR YOU

SAIL posts Rs 535-cr loss

State-run steelmaker had reported a net loss of Rs 248 crore in the corresponding period of the previous financial year

State-run steelmaker had reported a net loss of Rs 248 crore in the corresponding period of the previous financial year
Steel Authority of India’s net loss for the June quarter widened to Rs 535 crore, mainly on account of an exceptional item after the company paid Rs 54.2 crore towards voluntary retirement compensation during the period. This is the fourth consecutive quarter when the firm has posted a loss.

The state-run steelmaker had reported a net loss of Rs 248 crore in the corresponding period of the previous financial year.

Company’s total income from operations was down to Rs 9,238 crore from Rs 9,493 crore in the year-ago period.

The steelmaker had posted a net loss of Rs 1,231 crore for the March quarter, hit by challenging market conditions and decline in sales realisation.

During the period, had spent about  25 per cent of planned capital expenditure for the current financial year.

All major facilities of its steel plants at Rourkela, IISCO, Durgapur, and have been modernised or completed and are under operation/stabilisation, the company said.

Hot trials in Bhilai’s upcoming has commenced and the balance modernisation of Steel Plant would be completed in the next few months which would improve SAIL’s production capacity to around 20 metric tonnes of saleable steel.

slipped into red in the September quarter of the previous financial year due to lower sales realisation.

Even though the government has extended support to the Indian steel makers in the form of minimum support price and anti-dumping duty, the domestic and international market continues to pose challenge to the indigenous steel makers.
image
Business Standard
177 22

SAIL posts Rs 535-cr loss

State-run steelmaker had reported a net loss of Rs 248 crore in the corresponding period of the previous financial year

Steel Authority of India’s net loss for the June quarter widened to Rs 535 crore, mainly on account of an exceptional item after the company paid Rs 54.2 crore towards voluntary retirement compensation during the period. This is the fourth consecutive quarter when the firm has posted a loss.

The state-run steelmaker had reported a net loss of Rs 248 crore in the corresponding period of the previous financial year.

Company’s total income from operations was down to Rs 9,238 crore from Rs 9,493 crore in the year-ago period.

The steelmaker had posted a net loss of Rs 1,231 crore for the March quarter, hit by challenging market conditions and decline in sales realisation.

During the period, had spent about  25 per cent of planned capital expenditure for the current financial year.

All major facilities of its steel plants at Rourkela, IISCO, Durgapur, and have been modernised or completed and are under operation/stabilisation, the company said.

Hot trials in Bhilai’s upcoming has commenced and the balance modernisation of Steel Plant would be completed in the next few months which would improve SAIL’s production capacity to around 20 metric tonnes of saleable steel.

slipped into red in the September quarter of the previous financial year due to lower sales realisation.

Even though the government has extended support to the Indian steel makers in the form of minimum support price and anti-dumping duty, the domestic and international market continues to pose challenge to the indigenous steel makers.

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard