Bhushan Steel, which is undergoing insolvency proceedings, today said its standalone net loss narrowed to Rs 467.37 crore in the July-September quarter on account of higher revenues.
The debt-laden company had reported a loss of Rs 980.22 crore in the year ago quarter.
"The revenue from operations for the period up to June 30th, 2017 includes excise duty, which is discontinued effectively July 1, 2017 upon implementation of Goods and Services Tax (GST)," the company said.
It further said "...GST is not included in gross sale. In view of the aforesaid change in the indirect taxes, gross sales for the quarter and half (financial) year ended July September 30, 2017 are not comparable to previous periods."
The company said that the result has been approved by the Insolvency Resolution Professional.
On July 26, the National Company Law Tribunal gave a go- ahead to banks to start insolvency proceedings against Bhushan Steel Ltd and Bhushan Steel & Power Ltd (BSPL) to recover loans the companies have defaulted on.
Allowing the pleas filed by the lead bankers, SBI and PNB, NCLT appointed interim resolution professionals (IRPs) and directed the companies' managements, officials and promoters to assist them in the proceedings.
NCLT has appointed Vijay Kumar V Iyer as an IRP for Bhushan Steel Ltd and Mahender Kumar Khandewal for Bhushan Steel & Power Ltd.
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