Tata Sponge reports Rs 85.9 cr loss in Apr-Jun

Tata Sponge Iron on Monday reported a consolidated net loss of Rs 85.99 crore for the quarter ended on June 30, 2019, due to high finance costs and other charges. The company had posted a net profit of Rs 45.56 crore during the same period a year ago, Tata Sponge Iron Ltd said in a BSE filing.

Total income of the company during the quarter under review was at Rs 745.78 crore against Rs 272.84 crore in the corresponding period of the 2018-19 financial year. Total expenses rose to Rs 827.69 crore in april-June 2019 from Rs 203.86 crore in the same period last fiscal due to a spike in finance cost, employee benefit cost and other expenses.

The company in a separate filing said that its board has approved the appointment of Sanjay Kumar Shrivastav as the Joint Chief Financial Officer of the company with effect from July 29. Tata Sponge Iron Limited (Tata Sponge) is one of India's largest merchant sponge iron manufacturers.

The company is engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat.