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Electrosteel Steels reports increase in net loss during Q2 2018-19

Devdiscourse News Desk New Delhi
Updated: 31-10-2018 00:54 IST

Electrosteel Steels Tuesday said its net loss narrowed to Rs 85.65 crore during the quarter ended September 30, 2018.

The company had posted a net loss of Rs 296.65 crore during the same quarter a year ago, Electrosteel Steels Ltd (ESL) said in a BSE filing.

Total income of the company during the said quarter was higher at Rs 1,115.78 crore as against Rs 792.68 crore in July-September quarter of the 2017-18 fiscal.

In March, Vedanta was declared as successful resolution applicant by the committee of creditors (CoC) for Electrosteel Steels under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016.

In June, Vedanta acquired the management control of debt-laden Electrosteel Steels.

Shares of the company today ended 3.63 per cent higher at Rs 20 apiece on BSE.

(With inputs from agencies.)