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SAIL narrows loss in FY'17 as steel sales improve

Steel Authority of India Ltd., or SAIL, posted a loss after tax of 28.33 billion Indian rupees for its fiscal year that ended March 31, narrowing 30% from the loss after tax of 40.21 billion rupees the year before.

Total EBITDA came in at 6.72 billion rupees for the fiscal year, swinging year over year from a negative EBITDA of 22.03 billion rupees, according to a May 30 statement.

SAIL's total sales turnover improved by about 14% year over year to 491.80 billion rupees. Total sales were 13.11 million tonnes, up from 12.12 million tonnes the year before, on the back of a 12% year-over-year increase in salable steel production.

The group is targeting production of more than 15 million tonnes of salable steel in the fiscal year ending March 31, 2018.

SAIL Chairman Prakash Kumar Singh noted that two new steel processing units, one at Kandrori in Himachal Pradesh and one at Jagdishpur in Uttar Pradesh, India, will start operating this year.

As of May 30, US$1 was equivalent to 64.57 Indian rupees.