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 2016-17.
Accordingly, SAIL recorded a net loss of INR 7.95 billion ($118.9 million) compared to a net loss of INR 14.81 billion in the same quarter of the previous year. The company's net sales revenue amounted to INR 126.19 billion ($1.88 billion), up 25.3 percent year on year.
Meanwhile in the first nine months of the given financial year, the company registered a net loss of INR 20.62 billion ($308.57 million) compared to a net loss of INR 28.36 billion in the same period of the previous financial year. SAIL’s net sales revenue increased by 14.2 percent to INR 355.33 billion ($5.32 billion) year on year.