Bhushan Steel Q1 net profit plunges 63% to Rs 76 cr

Company reported net profit of Rs 206 cr in the corresponding quarter of the previous fiscal

Hit by rising costs and decline in revenues, Bhushan Steel's net profit has plunged 63% to Rs 76.26 crore during the April-June quarter of the current fiscal.

The company had reported a net profit of Rs 205.97 crore in the corresponding quarter of the previous fiscal.

Total income from operations declined 12.33% to Rs 2,490.86 crore during the quarter vis-a-vis Rs 2,841.30 crore in the comparable period, the company said in a filing to the BSE.

Total expenditure of the company at Rs 1,987.49 crore, amounted to nearly 80% of the total income as depreciation costs rose over 13% to Rs 234 crore.

Bhushan's total expenditure in first quarter of 2012-13 was 77% of its total income.

Moreover, its finance costs increased by 6.57% to Rs 402.61 crore during the last quarter.

Shares of the company closed today at Rs 459.40 a piece on the BSE, down 0.31% from the previous close.