MUMBAI: Debt-laden company Electrosteel Steels, that is undergoing insolvency resolution, reported a quarterly increase in losses for the quarter ending September, which is when the company started the resolution process with a court-appointed resolution practitioner.
Losses at the company widened by 22% to Rs 29,666 crore from Rs 24,219 crore in the quarter ending June. Total expenses, however, slid too by 4% at Rs 1,08,498 crore.
While total income from operations suffered a marginal hit by 1.4% at Rs 76,225 crore, net of GST, “other income” decline by almost 86%.
The Jharkhand-based company that has an integrated steel plant as well as a ductile iron(DI) pipe facility had a net debt of Rs 11,710 crore at the end of the year 201…
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