Electrosteel posts Rs 17-cr loss

Our Bureau Kolkata | Updated on August 14, 2012 Published on August 14, 2012

Electrosteel Castings Ltd posted a net loss of Rs 17 crore for the quarter ended June 30, 2012. The company had reported a net profit of nearly Rs 28 crore in the corresponding quarter last year.

The Kolkata-headquartered ductile iron pipe maker’s loss has been attributed largely to foreign exchange loss of Rs 46 crore owing to depreciation of rupee against US dollar. The company’s mark-to-market loss in currency hedge contracts stood at nearly Rs 94 crore in the April-June quarter, the company said.

Published on August 14, 2012
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