Usha Martin reports Rs 65.30 cr loss in Q2

Steel rope major Usha Martin today reported a net loss of Rs 65.30 crore on consolidated basis for the September quarter of this year against.
The company had posted a profit of Rs 86 lakhs during the corresponding period of 2013-14.
"Despite the turnover going up by 24 per cent to Rs 1,157 crore, our result during the quarter remained subdued on account of provision of Rs 70.67 crore for government coal levy, subdued steel demand and higher depreciation & interest," Usha Martin managing director Rajeev Jhawar said here today.
The company has mined 2.4 million tonnes of coal so far from its Kathuatia coal mine till September and cumulative burden on the company stood at Rs 70.67 crore after the Centre levied Rs 295 per tonne on captive coal block allottees.

Jhawar remained optimistic about the next quarters, saying the overall market was expected to stay buoyant without any exceptional cash outflow.
Jhawar said the company would bid for coal block to ensure fuel linkages from April, 2015.
Jhawar said so far there had been no impact on its iron-ore mine Vijay II at Saranda forests Jharkhand having an annual production of two million tonne.
The CBI had begun a probe into environmental clearances given for iron and manganese mining in the Saranda forests of Jharkhand to a few private companies.