Steel Authority of India Ltd’s net loss for the first quarter of fiscal 2016-17 widened to ₹535.52 crore. In the same quarter last year, the company’s net loss stood at ₹248.18 crore.
During the quarter, the company’s net revenue also fell 2.6 per cent to₹9,238.08 crore from ₹9,493.11 crore in the same quarter last year.
According to analysts, the company’s performance has been hit by low steel prices and tepid demand growth during the first quarter.
Last month, the company’s Chairman P K Singh said, “We are striving to produce higher net sales realisation products through ramping up our new facilities and completing balance modernisation. At the same time, we are exploring new markets both domestic and overseas. The company continues to focus on cost reduction initiatives.”
On Thursday, SAIL’s shares closed 3.47 per cent lower on the BSE at ₹ 53.70.
The company announced its results after trading closed for the day.