SAIL Q1 net profit at ₹540 crore

SAIL Q1 net profit at ₹540 crore

SAIL corporate office in Delhi. Shares of SAIL on Friday ended 1.13% down at ₹79.05 apiece on BSE. Photo: Mint.

SAIL corporate office in Delhi. Shares of SAIL on Friday ended 1.13% down at ₹79.05 apiece on BSE. Photo: Mint.

New Delhi: The country’s largest steel maker SAIL on Friday reported ₹540.43 crore standalone net profit for the first quarter ended 30 June.

The company had posted a standalone net loss of ₹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 ₹16,004.95 crore from ₹13,072.77 crore in the year-ago period.

The company’s expenses during the quarter under review were at ₹14,899.74 crore as against ₹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% over the same period a year ago, SAIL said.

“The company’s sales volume at 3.271 MT was also 8% higher over corresponding period last year (CPLY),” it said. Shares of the company ended 1.13% down at ₹79.05 apiece on BSE.

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