Bhushan Steels' Q1 net loss widens to Rs 739-cr

Bhushan Steel today said its standalone net loss has widened to Rs 739 crore for the first quarter ended June 30.
The city-based firm had posted a net loss of Rs 141.6 crore in the year-ago period, it said in a BSE filing.
The standalone net sales of the company, however rose to Rs 2,846 crore during the quarter from Rs 2,671.3 crore in the same quarter of 2014-15.
Bhushan Steels' total expenses also rose to Rs 2,695.6 crore during the reported quarter as compared to Rs 2,393 crore in the year-ago period.
Shares of the company today fell by 0.35 per cent to settle at Rs 57.25 apiece on the BSE.

Last month on loan restructuring, Bhushan Steel had said that Joint Lenders Forum has agreed to extend loans of the company for a tenure of 25 years under the scheme announced by RBI and the approval of the scheme is under process with the respective banks.
"Presently about 70 per cent of the banks have approved the scheme and sanction from rest of the banks is under process which is expected within a month or so," it had said.
For the entire 2014-15 fiscal, Bhushan Steel's standalone net loss stood at Rs 1,253.83 crore against a net profit of Rs 61.96 crore in 2013-14. Net sales, however, were higher by 10 per cent at Rs 10,645.77 crore as compared to Rs 9,675.83 crore in the year-ago period.