Indian state-run Steel Authority of India Limited (SAIL) has reported a consolidated net loss of INR 12.26047 billion ($166 million) during the first quarter ended June 30, 2020, compared to a net profit of INR 1.02068 billion ($13.84 million) during the corresponding period of the previous year, according to a company statement on Wednesday, September 16.
The company said that the “pandemic outbreak and measures taken to contain it had caused significant disturbance and slowdown of economic activity. Consequently, the company’s manufacturing operations had to be scaled down during the quarter.”
“Though operations resumed in the latter part of the quarter with limited availability of manpower, the disrupted supply chains and restrictions imposed adversely affected sales and realizations,” SAIL said in its statement.
$1 = INR 73.70