(PTI)
The country’s largest steel maker SAIL on November 14 posted a loss of Rs 342.84 crore for the July-September quarter of the current fiscal due to demand contraction and moderation in prices.
The steel PSU had posted a standalone profit of Rs 553.69 crore in the second quarter of the previous fiscal. Income during the second quarter declined to Rs 14,286.18 crore, from Rs 16,832.37 crore in the year-ago period, SAIL said in a regulatory filing.Total expenses also fell to Rs 14,809.21 crore during the quarter from Rs 15,950.21 crore in the corresponding quarter of the previous fiscal.
The second quarter result was affected by a lot of factors on both domestic and global fronts, SAIL chairman Anil Kumar Chaudhary said. It is common knowledge that several steel consuming sectors including auto, infrastructure and manufacturing did not perform well in the said quarter, At the same time, the prices have also faced continuing downward pressure. This has reflected in the results, he said.
