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Bhushan Steel posts higher March-quarter loss at Rs 1,131 cr against Rs 757 cr stated in May

Bhushan Steel Ltd reported a March-quarter loss that was much bigger than stated earlier in its unaudited results, as the debt-laden steelmaker was hurt by higher costs.

Audited net loss for the quarter was Rs 1,131 crore ($174.7 million), compared with the unaudited Rs 757 crore loss reported in May, Bhushan Steel said late on Wednesday.

Representative image. Reuters

Representative image. Reuters

However, the fourth-quarter loss narrowed marginally from the Rs 1,185 crore loss it reported a year earlier.

Total expenses rose more than 18 percent to Rs 5,994 crore for the quarter. This was about 51 percent higher than the unaudited figure reported earlier.

The steelmaker said last month that a consortium of lenders had authorised State Bank of India to refer the company to the National Company Law Tribunal for insolvency proceedings.

In a bid to resolve the country's $150 billion stressed loan problem, the Reserve Bank of India in June had urged lenders to start bankruptcy proceedings against 12 large loan defaulters, including Bhushan Steel, sources had told Reuters.

Updated Date: Jul 06, 2017 13:33 PM

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