Domestic steel major SAIL today saw its standalone net loss widen to Rs 801.38 crore for the June quarter due to higher coal prices and expenses.
The steelmaker had clocked a net loss after tax of Rs 535.52 crore in the corresponding quarter of 2016-17, the company said in a BSE filing.
“In the Q1 FY2017-18, the company bore an impact of 115 per cent higher price on account of imported coal and 25 per cent higher price on account of indigenous coal over the corresponding period last year, pushing down the overall profitability margin despite a 14 per cent higher Net Sales Realisations (NSR) over same quarter last year,” the company said in a statement.
It also said that during the quarter, due to Cyclone Debbie the supplies of coking coal from Australia were adversely impacted, resulting in lower production volumes of saleable steel. Read More…