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Hit by rising costs and decline in revenues, Bhushan Steel's net profit has plunged 63% to Rs 76.26 crore during the April-June quarter of the current fiscal.
The company had reported a net profit of Rs 205.97 crore in the corresponding quarter of the previous fiscal.
Total income from operations declined 12.33% to Rs 2,490.86 crore during the quarter vis-a-vis Rs 2,841.30 crore in the comparable period, the company said in a filing to the BSE.
Total expenditure of the company at Rs 1,987.49 crore, amounted to nearly 80% of the total income as depreciation costs rose over 13% to Rs 234 crore.
Bhushan's total expenditure in first quarter of 2012-13 was 77% of its total income.
Moreover, its finance costs increased by 6.57% to Rs 402.61 crore during the last quarter.
Shares of the company closed today at Rs 459.40 a piece on the BSE, down 0.31% from the previous close.
