Bhushan Steel Q4 net loss widens; rejigs top deck

Debt-ridden Bhushan Steel has reported a net loss of Rs 1,130.65 crore in the fourth quarter ended March 31, 2017, much larger than Rs 756.76 crore mentioned in the unaudited results in May this year.
The troubled steel maker has also re-designated some of its key officials that include giving additional charge of CEO to Vice-Chairman and Managing Director Neeraj Singal.
The company re-designated whole time Director (Technical) Rahul Sen Gupta as whole time Director (Technical) and Executive Vice-President (Technical).
Whole time Director (Commercial) P K Agarwal was re- designated as whole time Director (Commercial) and Executive Vice President (Commercial), the company said in a filing to the BSE.

Last month, lenders led by State Bank of India decided to start insolvency proceedings against Bhushan Steel in the National Company Law Tribunal.
The company's board yesterday approved standalone and consolidated audited financial results for the quarter and year ended March 31, 2017.

The audited results showed that the company suffered net loss of Rs 1,130.65 crore in the last quarter of FY2017, higher than Rs 756.76 crore mentioned in the unaudited results released in May this year.
The embattled firm had posted a net loss of Rs 1,185.16 crore in the January-March quarter of 2015-16.
As per the audited results, the company's total expenses grew to Rs 5,994 crore in January-March from Rs 5,060.47 crore in the year-ago period.

Shares of the company closed at Rs 67.90 apiece on the BSE today, down 1.24 per cent from previous close.