Tata Sponge reports Rs 86 cr loss in April-June quarter on high finance costs, company's total income stands at Rs 746 cr

Total expenses of Tata Sponge rose to Rs 827.69 crore in April-June 2019 from Rs 203.86 crore in the same period last fiscal due to a spike in finance cost, employee benefit-cost and other expenses.

Press Trust of India July 30, 2019 12:45:34 IST
Tata Sponge reports Rs 86 cr loss in April-June quarter on high finance costs, company's total income stands at Rs 746 cr
  • The company had posted a net profit of Rs 45.56 crore during the same period a year ago

  • Total expenses rose to Rs 827.69 crore in April-June 2019 from Rs 203.86 crore in the same period last fisca

  • The company's board approved the appointment of Sanjay Kumar Shrivastav as the joint chief financial officer

New Delhi: Tata Sponge Iron on Monday reported a consolidated net loss of Rs 85.99 crore for the quarter ended on 30 June 2019, due to high finance costs and other charges.

The company had posted a net profit of Rs 45.56 crore during the same period a year ago, Tata Sponge Iron Ltd said in a BSE filing.

Tata Sponge reports Rs 86 cr loss in AprilJune quarter on high finance costs companys total income stands at Rs 746 cr

Representational image. Reuters.

Total income of the company during the quarter under review was at Rs 745.78 crore against Rs 272.84 crore in the corresponding period of the 2018-19 financial year.

Total expenses rose to Rs 827.69 crore in April-June 2019 from Rs 203.86 crore in the same period last fiscal due to a spike in finance cost, employee benefit-cost and other expenses.

The company in a separate filing said that its board has approved the appointment of Sanjay Kumar Shrivastav as the joint chief financial officer of the company with effect from 29 July.

Tata Sponge Iron Limited (Tata Sponge) is one of India's largest merchant sponge iron manufacturers.

The company is engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat.

Updated Date:

also read

Coal scam case: CBI provides documents to Jindal, other accused; next hearing on 26 July
India

Coal scam case: CBI provides documents to Jindal, other accused; next hearing on 26 July

The CBI on Monday told a special court that documents have been handed over to the accused, including Congress leader and industrialist Naveen Jindal, in a coal scam case.

JSW Steel inks deal to buy sponge iron maker Welspun Maxsteel for Rs 1,000 crore
Corporate

JSW Steel inks deal to buy sponge iron maker Welspun Maxsteel for Rs 1,000 crore

In a statement issued on the buyout, the Sajjan Jindal-promoted company said it would acquire the entire equity shares held by Welspun Enterprises Ltd in Welspun Maxsteel.