SAIL Q3 net loss at Rs 1,529 cr

Steel giant SAIL today reported a standalone net loss of Rs 1,528.73 crore for the third quarter ended December 31, on lower income.

The country's largest steelmaker had reported a profit of Rs 579.09 crore in the corresponding quarter last fiscal, the company said in a BSE filing.

The total income of Steel Authority of India Ltd (SAIL) dropped by 19.52% to Rs 8,939.12 crore during the quarter as against Rs 11,107.32 crore last fiscal.

Total expenses were marginally up at Rs 10,779.72 crore during October-December period as against Rs 10,370.89 crore in the year-ago period.

The company's finance cost shot up to Rs 524.24 crore during the quarter as against Rs 366.57 crore in the year-ago quarter.

The revenue from Bhilai Steel Plant stood at Rs 3,292 crore while Durgapur Steel Plant contributed Rs 1,435 crore. Revenue from Rourkela and Bokaro Steel plants stood at Rs 1,594 crore and Rs 1,638 crore, respectively.

IISCO contributed Rs 712 crore revenue while Alloy Steels Plant recorded a revenue of Rs 131 crore. Salem Steel Plant's revenue stood at Rs 400 crore while Visvesvariya Plant contributed Rs 57 crore revenue.

SAIL is the largest steel-making company in India and one of the seven Maharatna's of the country's Central Public Sector Enterprises.

Shares of the company were trading at Rs 38.85 on BSE at about 1500 hours, down 4.43% from the previous close.