Steel Authority of India Ltd (SAIL) swung to a net loss of ₹1,230 crore in the fourth quarter of 2015-16 due to lower steel prices. The company had earned a net profit of ₹334 crore in the same quarter last year. During the quarter, the company's net sales remained almost flat at ₹11,371 crore against ₹11,590 crore in the same quarter last year.
"The challenging conditions faced by the domestic industry received some respite after the introduction of the conducive measures by the government in the form of safeguard duty and minimum import price," said PK Singh, Chairman. Lower steel prices led to a drop in net sales realization of 19 percent for SAIL, as compared to the same quarter last year.
Sail runs into a loss in Q4
By IndianMandarins - 2016-06-01 12:33:33
Steel Authority of India Ltd (SAIL) swung to a net loss of ₹1,230 crore in the fourth quarter of 2015-16 due to lower steel prices. The company had earned a net profit of ₹334 crore in the same quarter last year. During the quarter, the company's net sales remained almost flat at ₹11,371 crore against ₹11,590 crore in the same quarter last year.
"The challenging conditions faced by the domestic industry received some respite after the introduction of the conducive measures by the government in the form of safeguard duty and minimum import price," said PK Singh, Chairman. Lower steel prices led to a drop in net sales realization of 19 percent for SAIL, as compared to the same quarter last year.
