Indian state-owned steelmaker Steel Authority of India Limited (SAIL) has announced that in the first quarter ended June 30 of the financial year 2017-18 it recorded a net loss of INR 8.01 billion ($124.97 million), compared to a net loss of INR 5.35 billion in the same period of the previous financial year. In the given period, SAIL's net sales amounted to INR 129.83 billion ($2.02 billion), rising 25.6 percent year on year.
In the first quarter, SAIL’s total sales volume increased by nine percent year on year to 3.028 million mt. The company’s finished steel sales without semi-finished products were also higher by 412,000 mt compared to the same quarter of the previous year.
With the company’s intensive focus on ramping up of new mills and enriched product mix from the new facilities, it continued to remain EBITDA positive in the first quarter.