Adhunik Metaliks today reported a consolidated net loss of Rs 42.15 crore for the quarter ended March 31, 2012, due to host of reasons including increased finance costs, forex losses and impairment of goodwill on consolidation of a subsidiary.
The Kolkata-based company had reported a net profit of Rs 38.69 crore during the corresponding quarter of 2010-11.
Net sales of the company were marginally up by 2.5% in the quarter at Rs 565.24 crore vis-a-vis Rs 551.31 crore of the Q4 of FY11, it said in a filing to the BSE.
Total expenditure of the company, during the quarter, increased by over 23% to 514.92 crore, while its interest outgo was up over 47 per cent to Rs 93.88 crore.
During the quarter, it also incurred a forex loss of Rs 7.13 crore due to volatility in Rupee. Besides, the steel producer also incurred Rs 17.66 crore loss as impairment of goodwill on consolidation of a subsidiary, Neepaz V Forge (India) Ltd.
Adhunik Metaliks has entered into an agreement in April with an undisclosed investor to sale its entire holding in Neepaz, which resulted in a loss of Rs 25.92 crore, it said in the filing, while adding that rest of the losses have been accounted in previous year's results.
For the full year 2011-12, company's consolidated net profit has plunged to Rs 3.83 crore largely due to increased expenditure and higher interest payments. It had a net profit of Rs 184.31 crore of FY11.
Net sales of the company in FY12 were up 8.9% to Rs 1,953.31 crore, while its total expenditure has increased by about 24% to Rs 1,647.66 crore in the last fiscal.
Adhunik's interest outgo has also increased by over 47% to Rs 348.83 crore in FY12, while it reported a forex loss of Rs 15.10 crore in the last fiscal.
The company has a 4.5 lakh tonnes steel plant at Odisha's Sundergarh and a captive iron ore and coal mines in the state.
Shares of the company closed today at Rs 34.20 apiece on the BSE, down 1.7% from the previous close.
