Fortune Financial Services (India) consolidated net profit rises 311.00% in the September 2016 quarter
A Parliamentary Panel today said state-owned SAIL may post a net loss of Rs 4,211 in the next fiscal and asked the company to make sincere efforts to restore its "the dwindling fortune" to "past glory".
"However, the Committee note that for the year 2017-18, income of SAIL is targetted at Rs 64,155 crore but still, SAIL is likely to post a net loss of Rs 4,211 crore during 2017-18," Standing Committee on Coal and Steel said in its latest report tabled in Parliament.
It noted with distress that income of SAIL has declined steadily during the last three years on account of sluggish market conditions.
The income of the company which was Rs 53,470 crore in 2014-15 declined to Rs 43,934 crore in 2015-16 and to Rs 22,292 crore during 2016-17 (up to September, 2016).
"The Committee observe that net sales of the company at Rs 31,330 crore are up by 14.9 per cent," the report said.
As regards physical performance parameters, the committee expressed its satisfaction at 16 per cent growth in saleable steel production at 10.2 MT, 14.7 per cent in value added production at 4.3 MT and 16 per cent growth in saleable steel sales at 9.7 MT, it said.
"The Committee while appreciating these positive trends in physical and financial performance of SAIL, desire that earnest efforts be continued to bring back the dwindling fortunes of the company to its past glory," it said.
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