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COVID-19 effect: SAIL reports net loss of Rs 1,226 crore in Q1

The company said the pandemic outbreak and measures to contain it have caused significant disturbance and slowdown of economic activities

COVID-19 effect: SAIL reports net loss of Rs 1,226 crore in Q1

The company had posted Rs 102.68 crore net profit in the year-ago quarter

Domestic steel major SAIL on Monday posted a consolidated net loss of Rs 1,226.47 crore for the first quarter ended June 30, mainly on account of reduced income. The company had posted Rs 102.68 crore net profit in the year-ago quarter, Steel Authority of India Ltd (SAIL) said in a BSE filing.

During the quarter under review, the company said its net profit declined to Rs 9,346.21 crore from Rs 14,998.20 crore in the April-June period of the preceding fiscal. Its total income stood at Rs 11,325.10 crore as against Rs 14,893.07 crore a year ago.

The company said the pandemic outbreak and measures to contain it have caused significant disturbance and slowdown of economic activities. Consequently, the company's manufacturing operations had to be scaled down during the said quarter.

"Though the operations resumed in the later part of the quarter with limited availability of workforce and disrupted supply chain, the restrictions imposed adversely impacted the sales volume and realisation," SAIL said.

Also read: India's coal import drops 35% in August on lower demand from power, cement players

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