SAIL Q1 net loss widens to Rs 801.38 cr on higher expenses

SAIL had clocked a net loss after tax of Rs 535.52 crore in the corresponding quarter of 2016-17

Domestic steel major SAIL on Friday saw its standalone net loss widen to Rs 801.38 crore for the June quarter owing to higher expenses.

The steelmaker had clocked a net loss after tax of Rs 535.52 crore in the corresponding quarter of 2016-17, the company said in a BSE filing.

Total standalone income of the Maharatna firm rose by 25.39 per cent to Rs 13,072.77 crore in April-June this fiscal from Rs 10,424.95 crore during the same quarter in 2016-17.

Its total expenses rose by 27.03 per cent to Rs 14,349.89 crore in the quarter under review as against 11,296.16 crore in the year-ago period.

Shares of the company closed at Rs 56.55 apiece on the BSE, down 3.99 per cent over the previous close.