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Jindal Stainless Q1 net loss widens to INR 475 crore
20/08/2013 - 05:38:51 | Read 697 Time(s)

LiveMint reported that Jindal Stainless on Monday August 12th said that its standalone net loss widened to INR 475 crore in the first quarter ended June 30th as forex losses and increased interest outgo negated the impact of revenue growth.

According to a filing to the BSE, the company had posted a net loss of INR 231.41 crore in the corresponding quarter of the previous fiscal. Income from operations rose 28% to INR 2,825.34 crore from INR 2,206.69 crore, while expenditure in the quarter was INR 2,771.20 crore.

The company’s finance costs surged 39.4% to INR 288.72 crore and forex losses rose 21.51% to INR 254.12 crore due to rupee depreciation.

The company’s new facility at Odisha’s Jajpur achieved positive Ebitda during the quarter amid a bleak market outlook, Jindal Stainless said that in a statement.

It said that “Due to gradual ramp up of stainless steel operations at Odisha over the past few quarters, the melting production during the quarter increased to 1,11,987 tonne. Further, stainless steel operations at Jajpur also witnessed positive Ebitda for the first time of its operations.”

Source - LiveMint

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