Indian state-owned steel producer Steel Authority of India Limited (SAIL) has announced its unaudited financial results for the third quarter ended December 31 of the financial year 2017-18.
Accordingly, SAIL recorded a net profit of INR 431.6 million ($6.71 million) compared to a net loss of INR 7.94 billion in the same quarter of the previous year. The company's net sales revenue amounted to INR 153.23 billion ($2.38 billion), up 21.4 percent year on year.
Meanwhile in the first nine months of the given financial year, the company registered a net loss of INR 12.97 billion ($201.88 million) compared to a net loss of INR 20.62 billion in the same period of the previous financial year. SAIL’s net sales revenue increased by 18 percent to INR 419.24 billion ($6.52 billion) year on year.
SAIL stated that its strategic planning on the production and marketing front, including newer domestic and potential export destinations, has helped it achieve its strong result and start its journey of returning to profit in the third quarter of the financial year 2017-18.