Bhushan Steel Q4 net loss widens to Rs 670.47 crore

NEW DELHI: Debt-laden Bhushan Steel today reported widening of its standalone net loss to Rs 670.47 crore for the quarter ended March 31.

The embattled firm had posted a net loss of Rs 360.77 crore in the year-ago period, it said in a regulatory filing. Total standalone income of the company was higher at Rs 3,108.35 crore in the January-March quarter of last fiscal from Rs 2,419.91 crore in the same quarter of 2014-15. Its total expenses rose to Rs 2,786.93 crore from Rs 1,982.90 crore in the quarter under review.

For the entire 2015-16, the company's standalone net loss stood at Rs 2,839.37 crore against Rs 1,253.83 crore in 2014-15. Total standalone income was higher atRs 11,802.68 crore in 2015-16 as against Rs 10,645.77 crore in the year ago.

It said in the filing: “Due to loss incurred, the company applied to the Centre for the approval of managerial remuneration.”