Debt-laden Bhushan Steel on Monday reported widening of its standalone net loss to Rs 670.47 crore for the quarter ended March 31.
The embattled firm had posted a net loss of Rs 360.77 crore in the year-ago period, it said in a regulatory filing. Total standalone income of the company was higher at Rs 3,108.35 crore in the January-March quarter of last fiscal from Rs 2,419.91 crore during the same quarter of 2014-15.
Its total expenses rose to Rs 2,786.93 crore from Rs 1,982.90 crore during the quarter under review.
For the entire 2015-16, the company’s standalone net loss stood at Rs 2,839.37 crore against Rs 1,253.83 crore in 2014-15. Total standalone income was higher at Rs 11,802.68 crore during 2015-16 as against Rs 10,645.77 crore in the year ago.
The company said in the filing: “Due to loss incurred, the company applied to the Central government for the approval of managerial remuneration.”
The approval from Central government has been received during the year (2015-16), but clarification regarding leave encashment, PF and taxable car prequisites have been sought. Hence, the payment of leave encashment, PF and taxable car prequisites are subject to approval of the Central government, it added.