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JSW Steel Q2 cons net loss at Rs 669 cr on weak rupee
JSW Steel, country's third largest steel company by market cap, has reported a consolidated net loss of Rs 669 crore in the second quarter of FY12 as against profit of Rs 373 crore in the corresponding quarter of last fiscal.
JSW Steel has recorded a net loss of Rs 669 crore for the September quarter versus a net profit of Rs 373 crore it posted in the corresponding quarter of last fiscal.
Net sales, however grew 38% to Rs 8134 crore Year-on-Year on the back of higher volume and improved sales realization, said the company. The company's losses would have been narrower if not for a forex loss of Rs 514 crore which the company incurred due to the rupee weakening against the dollar.
The company said its net total debt gearing stood at 0.99 on 30 September 2011 (as against 0.89 on 30 June 2011) and the weighted average interest cost of debt was 6.57% on 30 September 2011 (as against 6.89% on 30 June 2011.
Shares of the company declined 3.07%, to Rs 651.95 at 11 hours.
