Steel Authority of India Ltd’s (Sail) physical steel sales rose by only 3.7% from a year ago in the June quarter, and even an increase in steel prices doesn’t appear to have benefited it much. What saved the quarter for Sail was a decline in its raw material costs. Sail’s revenue declined by 2.7% from a year ago to Rs.9,238 crore, while its operating profit improved to Rs234 crore compared with Rs89 crore. A sequential comparison is not possible due to the shift to Ind-AS accounting standards from the current quarter. The outlook for domestic steel prices has improved with the government lending support and global prices rising.

Source: Mint September 11, 2016 18:56 UTC