Despite world slump, SAIL earns Rs 11,372 cr income
Despite challenging conditions in the global steel market, India's largest domestic steel company SAIL on Monday reported a total standalone income of Rs 11,371.66 crore in the January-March quarter of fiscal 2015-16. Total expenses of the public sector undertaking were higher at Rs 13,273.65 crore as compared to Rs 11,183.66 crore during the quarter under review.
SAIL witnessed better figures in last quarter of 2015-16 and is targeting to complete the balance modernisation and expansion with a focus on energy saving methods, enriching its product mix and introducing customer centric processes.
In October-December quarter of 2015-16, lower sales on account of "huge surge in imports of low-priced steel" from countries including China saw the steel giant's log a massive Rs 1,528.7 crore stand-alone net loss against a profit of Rs 579.1 crore in the same quarter last fiscal.
SAIL said it witnessed an all round improvement in performance in the March quarter clocking record sales of 3.79 million tonnes (mt), which is the highest ever in a quarter by the company and higher by 20 per cent over corresponding period.
Management initiatives towards cost reduction and improved inventory management also contributed to the improvement in financial parameters. Expenditure per tonne of saleable steel came down by about 10 per cent during January-March as compared to the December quarter on account of reduction in cost of production, higher volumes and other management initiatives, the firm said.
SAIL reported a standalone net loss of Rs 1,230.93 crore for the quarter ended March 30. The Maharatna firm had clocked a net profit of Rs 334.22 crore in the year-ago period.
For the entire 2015-16, SAIL's net loss stood at Rs 4,137.25 crore against a net profit of Rs 2,092.68 crore in 2014-15 on account of reduction in NSR, higher interest and depreciation charges, it said.
Total income was also down at Rs 39,086.24 crore against Rs 45,730.36 crore during the same period.