SAIL’S Q3 net loss narrows to Rs 795 cr on higher gross sales
NEW DELHI: India's largest steelmaker SAIL'S standalone net loss narrowed to Rs 794.8 crore for the quarter ended December 31, 2016, helped by higher gross sales.
The company's standalone net loss in the corresponding quarter of previous fiscal stood at Rs 1,481 crore, Steel Authority of India Ltd (SAIL) said in a filing to BSE.
SAIL'S gross sales on standalone basis in the OctoberDecember quarter was at Rs 12,490 crore, registering an increase of 25.8 per cent from the year-ago period.
The total expenses of the company increased to Rs 13,332.3 crore over Rs 11,758.8 crore in the corresponding quarter of last financial year.
"The management's sustained endeavours in adopting pro-active approach across all its operations has improved our performance. Although continuing to adopt well chalked out cost reduction strategies, sharp rise in prices of imported metallurgical coal during the third quarter impacted the margins," SAIL Chairman P K Singh said.
"With improvement in the share of value-added products like high tensile plates, long rails, CR Coils and structural in our product basket and intensifying our marketing approach we aim to improve our market share. Along with this, a company-wide communication exercise is also being undertaken by the management to strategically convey company priorities to all employees for creating a shared vision," he said.
With government's developmental policies in infrastructure, construction and manufacturing sector, he said, the company is confident that it will generate greater demand for steel in domestic market, he added.
In a separate filing, the company announced the Saraswati Prasad, Additional Secretary and Financial Adviser (AS&FA), Ministry of Steel has been appointed as Government Director on the its board.
"Ministry of Steel...has appointed Saraswati Prasad, Additional Secretary & Financial Adviser, Ministry of Steel as Government Director on the Board of Directors of the company in place of Bharathi S Sihag, former Special Secretary & Financial Adviser, Ministry of Steel," it said.