Visa Steel Sept quarter net loss at Rs 46 crore

Stainless steel maker Visa Steel today reported consolidated net loss of Rs 46.33 crore for the quarter ended September 30, 2013 due to steep decline in rupee.

 

The company had reported a net loss of Rs 36.74 crore in the corresponding quarter of last fiscal, Visa Steel said in a filing to BSE.

 

 "In view of the unexpected and steep decline in the value of Indian rupee against US Dollar and other foreign currencies during the quarter ended September 30, 2013, the net loss arising out of re-instatement of foreign currency monetary items at the close of the quarter amounting to Rs 931.38 lakh has been considered as exceptional item," Visa Steel said in a filing to BSE.

 

"Due to transfer of coke business of the company on March 18, 2013, figures for the quarter and six months...Are not comparable with those of previous periods," it said.

 

The company's consolidated total income from operations, however, increased to Rs 309.80 crore, over 222.80 crore in the same period of the last financial year, it said.

 

The total expenses also increased to Rs 298.83 crore, over Rs 233.62 crore in the corresponding quarter of previous fiscal.

 

On the standalone basis, Visa Steel reported a net loss of 44.86 crore.

 

The company further said in a separate filing that its board has approved the "acquisition of trading business of carbon products from VISA Resources India Ltd, on a going concern basis at a consideration equal to the net book value of the assets and liabilities of the Trading Business and subject to the necessary approvals."

 

Shares of the company closed at Rs 21.45 apiece on BSE, up 4.63% from their previous close.