JSW Steel today reported a Rs 669.32 crore consolidated net loss for the second quarter ended September 30 after taking a whopping Rs 662 crore hit due to foreign exchange fluctuation, coupled with the poor performance of associate firm JSW Ispat.
The company had clocked a net profit after tax, after share of profits of minority and associates, of Rs 373.26 crore in the corresponding period a year ago, it said.
"The net loss for the second quarter of Rs 669.32 crore (after considering loss of Rs 754.70 crore of associate, including exceptional, item of Rs 661.7 crore) was mainly due to loss attributable to JSW Ispat Steel for the quarter ended June 30 and September 30, 2011," it said in a filing to the BSE.
The net loss incurred by JSW Ispat during the quarter stood at Rs 345.30 crore, including an exceptional forex translation loss of Rs 95.23 crore.
"Due to the unusual depreciation in the value of rupee against the US dollar over last three months, the net unrealised loss on restatement for foreign currency monetary items at close has been considered by the company to be exceptional in nature," it said.
JSW Steel's net sales jumped by 38% to Rs 8,134 crore during the July-September quarter from Rs 5,908 crore in the year-ago period.
Net finance charges of the company was also higher, at Rs 307.62 crore, compared to Rs 261.40 crore in the corresponding quarter a year ago.
The company's net total debt gearing stood at 0.99 and the weighted average interest cost of debt was 6.57%, it said.
Shares of the company were down marginally by 0.83% at Rs 667 apiece in late afternoon trade on the BSE.
