Bhushan Steel Q1 loss narrows to Rs656.21 crore
Bhushan Steel’s total standalone income rises marginally to Rs.3,364.95 crore in the June quarter from Rs.3,308.14 crore from a year ago
New Delhi: Bhushan Steel Ltd on Saturday said its standalone net loss has narrowed to Rs.656.21 crore for the quarter ended 30 June.
The firm had reported a net loss of Rs.728.16 crore in the year-ago period, it said in a BSE filing. Total standalone income of the company rose marginally to Rs.3,364.95 crore in the June quarter from Rs.3,308.14 crore from a year ago. Its expenses were lower at Rs.2,852.65 crore from Rs.3,026.57 crore during the quarter.
In the January-March quarter of 2015-16, the embattled firm’s net loss had widened to Rs.670.47 crore against a net loss of Rs.360.77 crore in the year-ago period. Total standalone income was higher at Rs.3,108.35 crore in the January-March quarter of last fiscal from Rs.2,419.91 crore during the same quarter of 2014-15.
In March, the firm received the environment clearance for a Rs.3,000 crore project to set up a pellet unit with a production capacity of 7 million tonnes per annum (MTPA) in Odisha.