JSW Ispat reduces Q3 net loss to Rs 308 cr
JSW Ispat Steel, formerly known as Ispat Industries, today recorded Rs 308.57 crore loss in the October-December quarter of the current fiscal due to a rise in raw material, power and fuel costs and steep decline in the value of rupee.
The JSW group subsidiary had recorded a net loss of Rs 409.31 crore in the corresponding quarter of the 2010-11.
"The financial results for the quarter have been adversely impacted due to steep decline in the value of Indian rupee against US dollar/Japanese yen," the company said in a filing to the Bombay Stock Exchange.
The company's raw material cost increased about three-fold to Rs 1,784 crore during quarter under review from Rs 635 crore in October-December quarter of the last fiscal.
Also, its power and fuel cost doubled to Rs 450 crore from Rs 224 crore in the corresponding period of 2010-11.
Net sales, however, rose to Rs 2,666 crore during the quarter as compared to Rs 961 crore during the same quarter of 2010-11.
JSW Ispat shares closed up 2.03% at Rs 14.59 a share on BSE.