Jindal Stainless Q3 net loss widens to Rs 257.39 crore
Jindal Stainless net loss widened to Rs 257.39 crore in its third quarter ended December 2012, from Rs 110.33 crore in the same period of the previous fiscal, due to squeezed margins and higher interest payments.
Its total income, however, rose by over 35 per cent to Rs 2,584.27 crore during the quarter vis-a-vis Rs 1,910.06 crore in the October-December period of 2011-12, the company said in a filing to the BSE.
Total expenditure of the largest domestic stainless steel maker, meanwhile, was more than its total income during the quarter and stood at Rs 2,634.34 crore.
Besides, its interest outgo was up over 110 per cent to Rs 262.82 crore, while it incurred a forex loss of Rs 79.67 crore during the quarter.
In a separate statement, the company said: "Results have been adversely impacted during the quarter on account of stress on margins due to continuing subdued global economic conditions and adverse exchange fluctuation arising on account of depreciation of Indian Rupee..."
It also attributed ramping up of its stainless steel production facility at Odisha as one of the reasons impacting company's results.
Moreover, it said that "interest cost for the quarter is high on account of increase in interest rates under the approved corporate debt restructuring (CDR) Rework scheme".
The reworked CDR scheme of the company was approved in September.
In December, its Board had approved issuing preference shares worth Rs 200.54 crore to its promoters in two equal tranches on or before June 30, 2013 to
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