Steel Authority of India Limited reported its 10th straight quarterly loss on Thursday, though the loss narrowed in the July-September quarter to Rs 539 crore,. The state-owned company had made a loss of Rs 732 crore in the same quarter in 2016.
Sail posted a loss nearly twice of what a Reuters poll of analysts had estimated. The average pre-earnings estimate was Rs 273 crore.
The company’s revenue from operations in July-September rose 8% year on year to Rs 13,617 crore.
The company said its profit was hit by a surge in prices of imported coal. To neutralise the impact of rising input costs, Sail said it is trying to ramp up its production.
You’ve read Scroll.
Now help sustain it
Scroll is funded by readers, not corporate owners. If you believe our work matters, support our newsroom. Become a member today!
We’re not driven by clicks or corporate interests – just honest, independent reporting. Keep us going. Support Scroll today!