Jindal Stainless narrows net loss in Q2 to Rs 255 cr

Jindal Stainless today said it narrowed net loss for the July-September quarter to Rs 255 crore on higher income and lower depreciation charges.
The largest stainless steel producer in the country had reported Rs 412 crore net loss for the same quarter of the last fiscal.
Total income from operations in the second quarter ended September 30, 2014-15, grew by 9 per cent to Rs 3,304 crore as against Rs 3,037 crore a year ago.
"EBITDA for the second quarter is Rs 214 crore which is 12 per cent lower than the previous year corresponding period figure of Rs 245 crore," the company said.

During Q2, stainless steel sales volume increased by around 1 per cent to 2.64 lakh tonnes from 2.61 lakh tonnes a year ago. Net power generation was of 333 million units, up 32 per cent.
Interest cost for the quarter increased by around 16 per cent to Rs 343 crore as compared to Rs 296 crore outgo in the corresponding period last fiscal.
Jindal Stainless said the increase was due to higher utilisation of working capital facilities and conversion of certain foreign currency short term borrowings into rupee borrowings on account of change in regulatory guidelines.
Depreciation charge for the quarter was lower by Rs 43.59 crore to Rs 133 crore.