1. SAIL may report turnaround for Sept quarter

SAIL may report turnaround for Sept quarter

State-run steel maker Steel Authority of India (SAIL), which had reported net losses during the April-June period and the previous four quarters, might have witnessed a turnaround in the September quarter.

By: | New Delhi | Updated: October 26, 2016 7:46 AM
In July and August, it sold 0.9 MT and 1.24 MT steel respectively. Sources said sales volume of the company had improved in September, but figure was immediately available. (Reuters) In July and August, it sold 0.9 MT and 1.24 MT steel respectively. Sources said sales volume of the company had improved in September, but figure was immediately available. (Reuters)

State-run steel maker Steel Authority of India (SAIL), which had reported net losses during the April-June period and the previous four quarters, might have witnessed a turnaround in the September quarter.

Sources said SAIL’s sales turnover, backed by higher volume and better prices, for the April-August period of the current fiscal stood at Rs18,013 crore, up by 4% over the corresponding period last fiscal. During the June quarter, SAIL’s net sales stood at Rs9,082 crore and net loss was at R535 crore.

Sales volume of the company increased by 13% to 4.9 MT during the April-August period over the same period last fiscal. It had sold 2.8 MT saleable steel during the April-June quarter of the current fiscal.

In July and August, it sold 0.9 MT and 1.24 MT steel respectively. Sources said sales volume of the company had improved in September, but figure was immediately available.

Plagued by a host of issues including cheap imports and resultant subdued domestic prices, SAIL had been incurring losses since the April-June quarter of the last fiscal and its accumulated loss for the past five quarters stood at R4,674 crore.

The company also did well on the production front during the April-August period.

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