SAIL posts Rs 834 crore net profit for July-September quarter
The company’s revenue was adversely impacted by the flood of cheap Chinese imports which led to a decline in steel prices.
Steel giant SAIL or Steel Authority of India Ltd on Monday posted a consolidated net loss of Rs 1,226.47 crore for the first quarter ended June 30 citing reduced income.
SAIL had posted Rs 102.68 crore net profit in the year-ago quarter according to BSE filing by the company.
During the quarter under review, the company said its total income declined to Rs 9,346.21 crore from Rs 14,998.20 crore in the April-June period of the preceding fiscal.
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Its total expenses stood at Rs 11,325.10 crore as against Rs 14,893.07 crore a year ago.
The company said the pandemic outbreak and measures to contain it have caused significant disturbance and slowdown of economic activities.
Consequently, the company’s manufacturing operations had to be scaled down during the said quarter.
“Though the operations resumed in the later part of the quarter with limited availability of workforce and disrupted supply chain, the restrictions imposed adversely impacted the sales volume and realisation,” SAIL said.
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