Total expenses were up at Rs 10,779.7 crore against Rs 10,370.9 crore a year ago. The company had posted a net profit of Rs 34.94 crore during the same period of last fiscal, 2014-15.
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Polaris Consulting & Services Ltd has announced the financial results for the quarter ended December 31, 2015. However, the company’s total income decreased by 1.80% to Rs 870.44 crore for the quarter under review from Rs 886.40 crore for the corresponding quarter of the previous year.
Over the a year ago, global steel prices have declined to $280 a tonne from around $460 a tonne, mainly because of a slowing Chinese consumption, which is leading to an oversupply of cheap steel into the market.
The company registered a growth in production of hot metal, crude steel and saleable steel in the third quarter of 2015-16 by 2 percent, 4 percent and 14 percent, respectively, over the preceding quarter.
In the quarter ended 31 December, the company sold 6 million tonnes of cement as against 5.77 million tonnes sold in the same period in the previous year.
The company is primarily engaged in manufacturing and marketing of cement.
Revenue from marketing natural gas dropped 11 percent due lower gas prices to Rs.11,686.53 crore for the quarter in question.
SAIL is the largest steel-making company in India and one of the seven Maharatnas of the country’s central public sector enterprises.
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Shares of POLARIS FINANCIAL TECHNOLOGY LTD. was last trading in BSE at Rs.211.9 as compared to the previous close of Rs. 213.05.
