State-run Steel Authority of India Ltd (SAIL) said its standalone net loss narrowed to Rs 539.06 crore for the quarter ended September 30, 2017.
The PSU had clocked a net loss of Rs 731.58 crore in the corresponding quarter of 2016-17, the company said in a BSE filing.
Total standalone income of the Maharatna firm rose by 8 per cent to Rs 13,666.05 crore in July-September period of this fiscal from Rs 12,645.76 crore during the same quarter in 2016-17.
Total expenses also rose by 2.72 per cent to Rs 14,108.84 crore in the quarter under review as against Rs 13,734.80 crore in the year-ago period.
State-run Steel Authority of India Ltd (SAIL) said its standalone net loss narrowed to Rs 539.06 crore for the quarter ended September 30, 2017.
The PSU had clocked a net loss of Rs 731.58 crore in the corresponding quarter of 2016-17, the company said in a BSE filing.
Total standalone income of the Maharatna firm rose by 8 per cent to Rs 13,666.05 crore in July-September period of this fiscal from Rs 12,645.76 crore during the same quarter in 2016-17.
Total expenses also rose by 2.72 per cent to Rs 14,108.84 crore in the quarter under review as against Rs 13,734.80 crore in the year-ago period.
Simultaneously, the company is optimising the utilisation of its finishing facilities to increase the high-value product offerings for better market realisation.
SAIL said its operational performance also exhibited good numbers in Q2 FY18 by registering the highest ever quarterly saleable steel production at 3.659 Million Tonnes (MT) surpassing the previous best of 3.626 MT achieved in Q4 FY17.
SAIL Chairman P K Singh said, "Our focus is on reducing operating cost of assets, prudent finance management, efficient production process and increased share of value added and branded products is beginning to show results."
SAIL is aiming to supply large quantities of steel in prestigious projects including Sagarmala, upcoming Bharatmala project and railway expansion, Singh said.
"As part of SAIL's turnaround initiatives, our continuous large group communication exercises across units have helped embed our priorities in the company's collective psyche, which will keep strengthening SAIL's foundations for profitable growth," he added.
SAIL has supplied steel to various mega projects like Agra-Lucknow Expressway, Lucknow Metro rail project, Sardar Sarovar Narmada Nigam Ltd (SSNNL) project and the country's longest river bridge -- Dhola-Sadiya -- in Assam.
Source: money control