Bhushan Steel Q3 loss widens to Rs. 1,607 crore
Debt-laden Bhushan Steel Ltd reported widening of its net loss to Rs. 1,607 crore for the December quarter (Q3 FY18). The bankrupt firm, which is undergoing insolvency proceedings, had posted a net loss of Rs. 743 crore in the same quarter a year ago.
Bhushan Steel’s revenue from operations during October-December quarter of 2017-18 stood at Rs. 4,407.71 crore as against Rs. 4,094.73 crore in the same period a year ago, the firm said in a BSE filing. During the period under review, its total expenses also rose to Rs. 5,844.28 crore from Rs. 4,937.31 crore.
Bhushan Steel, one of the 12 NPA accounts referred by the Reserve Bank of India (RBI) to National Company Law Tribunal (NCLT) for proceedings under the insolvency and bankruptcy code (IBC), owes Rs. 44,478 crore to its lenders.