All Rights Reserved Finance News 2020.
SAIL Q1 results: Reports net loss of Rs just one,226 crore
NEW DELHI: Domestic steel significant SAIL on Monday published a consolidated net loss of Rs 1,226.47 crore for the initially quarter ended June 30, mainly on account of reduced income.
The corporation had posted Rs 102.68 crore net benefit in the year-ago quarter, Metal Authority of India Limited (SAIL) said in a BSE filing.
During the one fourth under review, the company mentioned its net profit decreased to Rs 9,346.21 crore from Rs 14,998.20 crore in the April-June period of the preceding fiscal.
Its total income stood with Rs 11,325.10 crore as against Rs 14,893.07 crore a year ago.
The company mentioned the pandemic outbreak plus measures to contain it currently have caused significant disturbance plus slowdown of economic actions.
Consequently, the company’s manufacturing procedures had to be scaled down throughout the said quarter.
“Though the particular operations resumed in the in the future part of the one fourth with limited availability of workforce and disrupted source chain, the restrictions enforced adversely impacted the product sales volume and realisation,” SAIL said.