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SAIL Q4 loss reduces to Rs 771.3 cr

IANS | New Delhi |

State-run steel manufacturer SAIL reported a net loss of Rs 771.3 crore for the fourth quarter ended March, which was lower than the loss incurred in the same quarter of 2016, on the back of higher revenues during the last quarter.

The company suffered a net loss of Rs 1,184.64 crore in the corresponding quarter a year ago.

For the entire fiscal 2016-17, SAIL has narrowed down its losses by 30 per cent and recorded an overall improvement, including in production, sales and productivity, the company said in a stock exchange filing on Tuesday.

During the quarter in consideration, the company's total income increased to Rs 14,543.5 crore, as compared to Rs 12,946.5 crore in the same period a year ago.

"The unprecedented increase in coal prices during FY17 impacted the numbers and stunted the overall margins," SAIL said.

Chairman P.K. Singh said in a statement here that despite sharp hikes in imported and domestic coal prices, SAIL has "managed to compress the loss."

"There is an improvement in the performance on all accounts".

The company has targeted the production of more than 15 million tonnes (MT) of saleable steel during the ongoing fiscal 2017-18.

SAIL's sales turnover showed an increase of around 14 per cent during 2016-17 and stood at Rs 49,180 crore, as against sales of Rs 43,294 crore during the same period last year.

SAIL stock closed trade on Tuesday at Rs 58.45 a share, down 0.43 per cent on its previous close on the Bombay Stock Exchange (BSE).