Millennium Post

SAIL back in black with Rs 540 cr Q1 net

New Delhi: The country's largest steel maker SAIL today reported Rs 540.43 crore standalone net profit for the first quarter ended June 30.

The company had posted a standalone net loss of Rs 801.38 crore in the corresponding quarter of the preceding fiscal, Steel Authority of India Ltd (SAIL) said in a regulatory filing.

In April-June 2018, its total income increased to Rs 16,004.95 crore from Rs 13,072.77 crore in the year-ago period.

The company's expenses during the quarter under review were at Rs 14,899.74 crore as against Rs 14,349.89 crore.

"Operational performance of the company has recorded improvement over the past many quarters and this trend is likely to continue. SAIL has taken several new initiatives which will help the company in improving its physical and financial performance," SAIL Chairman Saraswati Prasad said in a statement. During the June quarter, its saleable steel production was at 3.61 million tonnes (MT), up 13 per cent over the same period a year ago, SAIL said.

"The company's sales volume at 3.271 MT was also 8 per cent higher over corresponding period last year (CPLY),"

it said. Shares of the company ended 1.13 per cent down at Rs 79.05 apiece on BSE.

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