SAIL’s First Quarter Loss Nearly Doubles To Rs 536 Crore
The loss widened due to voluntary retirement compensation worth Rs 54.2 crore.
SAIL India Ltd.’s net loss almost doubled in the April to June quarter due to a one-time loss. The loss widened to Rs 536 crore from Rs 248 crore in the same quarter last year. The one-time loss was due to voluntary retirement compensation worth Rs 54.2 crore.
Net sales declined 3.1 percent to Rs 9,082 crore from the same period last year.
The other income stood at Rs 89.2 crore in the first quarter.
While, net sales from Bhillai, Durgapur, Bokaro and Vivesvaraya Iron and Steel declined, income from Rourkela, IISCO Steel, Alloy Steels and Salem were higher. Bokaro Steel plant was the steel giant’s only unit which came out of the red and posted a profit. Its largest facility, Bhillai Steel posted a decline in profits, while Rourkela and Vivesvaraya saw losses widen. Losses narrowed for other units ISSCO Steel, Alloy Steels and Salem.