Jindal Stainless today said its standalone net loss widened to Rs 475 crore in the first quarter ended June 30 as forex losses and increased interest outgo negated the impact of revenue growth.

The company had posted a net loss of Rs 231.41 crore in the corresponding quarter of the previous fiscal, according to a filing to the BSE.

Income from operations rose 28 per cent to Rs 2,825.34 crore from Rs 2,206.69 crore, while expenditure in the quarter was Rs 2,771.20 crore.

The company’s finance costs surged 39.4 per cent to Rs 288.72 crore and forex losses rose 21.51 per cent to Rs 254.12 crore due to rupee depreciation.

The company’s new facility at Odisha’s Jajpur achieved positive EBITDA during the quarter amid a bleak market outlook, Jindal Stainless said in a statement.

“Due to gradual ramp up of stainless steel operations at Odisha over the past few quarters, the melting production during the quarter increased to 1,11,987 tonnes. Further, stainless steel operations at Jajpur also witnessed positive EBITDA for the first time of its operations,” the company said.

The stainless steel melting production volume was up by 23 per cent to 2,87,602 tonnes during the quarter as its Hisar plant in Haryana operated at around 88-90 per cent capacity.

While there is scope for growth, Jindal Stainless said the slowdown in sectors such as infrastructure, railways, airports and highways are major obstacles. The cheap import of stainless steel, especially from China, is denting the Indian stainless steel industry, it said.

Besides, overcapacity in the stainless steel markets is leading to deterioration in margins and the company has taken steps to increase focus on the domestic market, it added.

Shares of the company rose 4.17 per cent to close at Rs 42.50 on the BSE today.