India’s largest steelmaker SAIL reported a decline in standalone net loss at Rs 730.72 crore for the quarter ended September 30, helped by a strong marketing push and cost optimisation measures.
NEW DELHI: The state-run firm had posted a net loss of Rs 1,108.55 crore in the year-ago period, it said in a BSE filing. Total standalone income of the Maharatna firm rose by 21 per cent to Rs 12,577.90 crore in July-September quarter this fiscal from Rs 10,378.91 crore during the same quarter in 2015-16. Its total expenses were higher at Rs 13,132.04 crore during the period under review, compared to Rs 11,836.11 crore in the corresponding period last year.
SAIL Chairman P K Singh said: “Despite the unabated rise in coal prices, we are working on a holistic strategy to remain competitive by reducing our cost, faster ramping up of new facilities and aggressive marketing.”
In tandem with India’s impressive economic growth among large economies, the domestic steel consumption is growing at a faster pace which, coupled with growth oriented policies of the government, will see further improvements in future, he added.
In these difficult market conditions, SAIL management’s suitably tailored marketing strategies, customer and market centric approach and the concerted efforts to ramp up production from the modernised facilities resulted in sales growth across all product categories, the steelmaker said.
Also in keeping with its focus to increase global footprint, SAIL’s exports more than doubled in the first half this fiscal, it added. “SAIL recorded the best ever sales of 3.6 Million Tonnes (MT) in the second quarter of the current financial year which is 32 per cent higher over corresponding period last year (CPLY),” it said.