Binani Industries posts Q4 net loss at Rs 3.95 cr

Binani Industries today reported a standalone net loss of Rs 3.95 crore for the fourth quarter ended March 2018.

The company had posted a net loss of Rs 1.22 crore during the January-March quarter a year ago, said Binani Industries, which holds over 98 per cent shares in debt-ridden Binani Cement.

Its total income stood at Rs 0.55 crore during the quarter under review. It was Rs 3.89 crore in the corresponding quarter of the previous fiscal.

Meanwhile, Binani Industries said it could not file its consolidated results as it has no control over its debt-ridden subsidiary Binani Cement.

"The board has been suspended and the company does not have control on Binani Cement Limited effective July 25, 2017," it said.

For the period when Binani Cement was under control of Binani Industries from April 2017 till July 24, 2017, it does not not have either management accounts or audited accounts.

"Under these circumstances, we have requested Sebi to give us time till end of August 2018 to declare consolidated financial statements for the year ended March 31, 2018," it said.

Its total expenses during the quarter stood at Rs 4.24 crore.

For the entire 2017-18, Binani Industries had a net loss of Rs 5.05 crore. It had posted a net profit of Rs 10.66 crore in 2016-17.

Its total income stood at Rs 39.01 crore as against Rs 180.13 crore in 2016-17.

Shares of Binani Industies today settled 4.81 per cent lower at Rs 89.10 apiece on the BSE.