Ispat Inds in the red

Ispat Industries' posted a net loss of Rs 111.56 crore for the first quarter of the current financial year, compared to a net profit of Rs 1.2 crore in the corresponding quarter of the previous financial year.

Net sales improved 43.86 per cent to Rs 1,671.6 crore from Rs 1,161.9 crore the corresponding quarter last year.

The huge dip in profits can be attributed to the rise in expenditure to Rs 1,393.7 crore (Rs 911.4 crore in the corresponding previous quarter) and an interest of Rs 301.6 crore (Rs 158.6 crore).