SAIL trims losses by 30 per cent in FY17

SAIL remains EBIDTA positive for four consecutive quarters, which stood at Rs 671.6 crore as against Rs (-) 2,203 crore over corresponding period over last year (CPLY) recording an increase of Rs 2,875 crore, the company said in its statement.

The Company has narrowed down its losses by around 30 per cent in FY17 and recorded an overall improvement including production, sales and productivity. The Company’s sales turnover recorded an improvement of around 14 per cent in FY17 and stood at Rs 49,180 crore compared to Rs 43,294 crore over CPLY.

The company recorded a growth of 8 per cent over CPLY during FY 17. The total sales stood at 13.11 Million Tonnes (MT) in FY17 as compared to 12.12 MT in FY16. Meanwhile, the company recorded a growth of 12 per cent in saleable steel production for FY17 over FY16.

The Profit after Tax (PAT) narrowed to Rs (-) 2,833 crore, an improvement of 30 per cent, over CPLY which stood at Rs (-) 4,021 crore in FY16, the company added. The company further stated, the unprecedented increase in coal prices during FY17 impacted the numbers and stunted the overall margins.

SAIL, chairman, P K Singh said, “The Company’s uninterrupted efforts to achieve operational excellence has helped us become EBDITA positive for the fourth time in a row. Despite the sharp hike in imported and domestic coal prices, which has also neutralised the NSR gains, we have managed to compress the loss. There is an improvement in the performance on all accounts.” On Wednesday, the 31st May, 2017, ‘Bank Karmachari Sena Mahasangh’, the Federation of Shiv Sena Unions in various banks, has submitted it’s ‘Charter of Demands’ for XI th Biapartite Settlement with I.B.A. (Indian Bank’s Association). Demands pertain to wage Revision and service conditions. On behalf of ‘Bank Karmachari Sena Mahasangh’ ‘Charter of Demands’ as presented by Mahasangh Working President, Siv Sena Secretary, M.P. Anil Desai to I.B.A Chief Executive V.G.Kannan. Mahasangh General Secretary Bilas Ghugare was present alongwith other office bearers of Mahasangh.

Delegation of Mahasangh requested I.B.A officials to start negotiations at the earliest. I.B.A response was very positive.