New Delhi: Steel Authority of India Limited (SAIL), a Maharatna PSU under the Ministry of Steel, has posted a net loss of Rs 429.62 crore in Q3 FY2019-20. During the quarter, the company (SAIL) has reported a 5 percent growth in its topline over the corresponding period of last year. Despite the reduction in prices, SAIL has been able to achieve higher revenue through its continual push towards higher volumes which saw production (3.9 MT) and sales (4.1 MT) grow by 3 percent and 26 percent in Q3 over the corresponding quarter of the previous fiscal, respectively, the company said in a statement.
SAIL attributed the net loss in Q3 to reduction in prices, which has hurt the financial performance of all major domestic steel producers and dented the profitability of the PSU.
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SAIL's Chairman Anil Kumar Chaudhary said, "The quarter had been quite challenging for the entire industry in terms of subdued realisations, thereby impacting the financial performance of all major producers. However, utilising this as an opportunity, we have accelerated our efforts towards stabilising the production from the new mills and continuously improving process efficiencies. The company is enriching its product basket with more focus on cost minimisation to improve its bottom-line."
He further added, "Despite lower steel prices amidst stiff competition during the third quarter, we could achieve significant growth in sales and saleable steel production. With the recent improvement in the market conditions, combined with the efforts towards cost reduction, we are hopeful of doing better in the 4th quarter."
SAIL has performed satisfactorily in Q3 when it comes to improvement in techno-economic parameters viz., BF productivity, coke rate, CDI usage, specific energy consumption and production through concast (continuous casting of bloom) route which improved by 12.4 percent, 5.3 percent, 40 percent, 2.4 percent and 8.5 percent, respectively over the previous quarter.