Bhushan Steel's net loss narrows in Q1 to Rs 656.21 crore

Bhushan Steel said on Saturday its standalone net loss has narrowed to Rs 656.21 crore for the quarter ended June 30, 2016.

The firm had reported a net loss of Rs 728.16 crore in the year-ago period, it said in a BSE filing.

Total standalone income of the company rose marginally to Rs 3,364.95 crore in April-June quarter this fiscal from Rs 3,308.14 crore during the same quarter in 2015-16.

Its expenses were lower at Rs 2,852.65 crore from Rs 3,026.57 crore during the period under review.

In the January-March quarter of 2015-16, the embattled firm's net loss had widened to Rs 670.47 crore against a net loss of Rs 360.77 crore in the year-ago period.

Total standalone income was higher at Rs 3,108.35 crore in the January-March quarter of last financial year from Rs 2,419.91 crore during the same quarter of 2014-15.

In March, the firm received the environment clearance for a Rs 3,000 crore project to set up a pellet unit with a production capacity of 7 million tonnes per annum (MTPA) in Odisha.