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SAIL narrows its net loss to Rs 794.84 crore in Q3
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SME Times News Bureau | 10 Feb, 2017
State-run Steel Authority of India Ltd (SAIL) on Thursday reported a net
loss of Rs 794.84 crore for the quarter ended December 31, 2016, as
compared to a net loss of Rs 1,481.06 crore in the year-ago period.
India's
largest steel maker's income from operation in the quarter under review
increased to Rs 12,490.19 crore, up by 26 per cent from Rs 9,928.21
crore in the corresponding period last year.
"Our sustained
endeavours in adopting pro-active approach across all its operations
improved company's 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," said
company's Chairman P.K. Singh.
Company's total expenses were at
Rs 13,332.35 crore during the period, as against Rs 11,758.89 crore in
the same period last fiscal.
He said the company aimed to improve
its market share with improvement in the share of value-added products
like high tensile plates, long rails, CR Coils and intensifying
marketing approach.
"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
the government's developmental thrust in infrastructure, construction
and manufacturing sector, he said, the company remained bullish that it
would create more demand for steel in domestic market, he added.
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