Jindal Stainless posts net loss of Rs 212.18 cr in Jan-Mar

Jindal Stainless (JSL) today reported a standalone net loss of Rs 212.18 crore for the quarter ended March 31, 2016, against that of Rs 16.94 crore in the year-ago period.
Total standalone income of the company stood at Rs 1,973.60 crore in January-March quarter of last fiscal against Rs 3,287.39 crore in the same quarter in 2014-15, the company said in a regulatory filing.
JSL said figures are not comparative as it had demerged its debt and operations among four firms in September last year.
The debt-laden firm through its financial and operational restructuring is distributing the Rs 8,580-crore debt among four firms and at the same time is cutting down interest cost.

Besides, the stainless-steel maker is redistributing assets among its three entities in a bid to leverage idle capacity as well as is streamlining operations and economising production to optimise costs.
For the entire 2015-16, JSL's standalone net loss was at Rs 792.02 crore against a net profit of Rs 223.07 crore. Total standalone income was Rs 6,847.92 crore in 2015-16 against Rs 6,010.94 crore during the same period.