Jindal Stainless' net loss widens in Q3 to Rs 342 crore

Jindal Stainless' net loss in the October-December quarter widens to Rs 342 crore owing to less income and higher finnace costs.
The stainless steel maker had reported Rs 301 crore net loss in the corresponding quarter of the last fiscal, it said in a BSE filing.
Total income of JSL fell to Rs 2,974 crore from Rs 3,012 crore a year earlier.
"There was a temporary interruption in the cold rolling mill operations at the Jajpur plant of the company partially affecting its production during the quarter," JSL said.
Total expenses, however, fell to Rs 2,957 crore compared to Rs 3,034 crore a year earlier.

Finance costs, on the other hand, rose to Rs 338 crore from Rs 313 crore a year earlier.

Jindal Stainless has been incurring losses due to which its net worth has fully eroded. The company attributed losses to erosion in margins due to low cost of stainless steel from China and other countries, unfavourable duty structure, high interest cost and losses on account of fluctuation in exchange rates.
"The company is taking necessary steps towards enhancement of networth and improvement in viability of the company through better utilisation of its production facilities and monetisation of certain assets," it said.
During the quarter, JSL has formed two new wholly-owned subsidiaries - Jindal United Steel and Jindal Coke.