Bhushan Steel’s net loss narrows in Q1 to Rs 656.21 cr

New Delhi: Bhushan Steel on Saturday said its standalone net loss has narrowed to Rs 656.21 crore for the quarter ended June 30, 2016.

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 April-June quarter this fiscal from Rs 3,308.14 crore during the same quarter in 2015-16.

Its expenses were lower at Rs 2,852.65 crore from Rs 3,026.57 crore during the period under review.

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.