Essar Steel In Red, H1 Loss At Rs 106 Crore

The Ruias-promoted Essar Steel has reported a net loss of Rs 106.22 crore for the first half of the current year. The company had clocked a net profit of Rs 16.53 crore in the corresponding period last year. The company reported a net loss of Rs 70.52 crore in the first quarter of the current year.

Sales turnover however improved marginally in the first half of the current year to Rs 1,087.91 crore from Rs 1,083.87 crore in the corresponding period in the previous year. The company's turnover for the second quarter of the current year was Rs 581.97 crore.

 

The company's production of hot rolled coils was up by 23 per cent to 810,967 mt in the first half of the current year. The company's HBI production too rose by 9 per cent during the period to 869,861 mt.

Other income, including prior period adjustment of exchange fluctuation relating to advance on long-term supply contract, was at Rs 42.95 crore (Rs 2.66 crore) in the first half of the current year.

The company reported an other income of Rs 40.52 crore in the second quarter of the current year.

The company's total operating expenditure rose to Rs 876.28 crore in the first half of the current year from Rs 734.71 crore reported by the company in the corresponding period last year. The company expenditure for the current quarter was Rs 511.36 crore.

The company's gross profit before interest, depreciation and tax for the first half of the current year was Rs 254.58 crore as against Rs 351.82 crore in the corresponding period last year. The company's gross profit for the current quarter was Rs 111.13 crore.

The company's net interest and finance charges during the first half of the current year was up at Rs 194.20 crore from Rs 169.78 crore in the corresponding period last year.

The company's interest and finance charge for the current quarter was Rs 97.71 crore. The depreciation, amortisation, deferred revenue expenses of the company for the first half of the current year was Rs 166.60 crore (Rs 165.51 crore).