NMDC Steel reported a widened loss of Rs 595.37 crore in Q2 FY24 due to surging expenses. The company's total income rose, but expenses increased significantly.
Photograph: NMDC/LinkedIn
New Delhi, Nov 12 (PTI) NMDC Steel on Tuesday said its loss had widened to Rs 595.37 crore in September quarter, on account of a surge in expenses.
It had posted a loss of Rs 131.10 crore in the year-ago period, the company said in an exchange filing.
The company's total income increased to Rs 1,535.46 crore from Rs 290.27 crore a year earlier.
However, NMDC Steel's expenses rose to Rs 2,364.39 crore in the second quarter of the ongoing fiscal year from Rs 464.93 crore a year ago.
NMDC Steel Ltd, an entity demerged and formed from mining firm NMDC, owns and operates the 3 million-tonne Nagar Steel Plant at Nagarnar in Chhattisgarh.
Nagarnar plant is referred to as India's youngest steel unit set up with an investment of about Rs 23,000 crore.
NMDC Steel started commercial operations at the unit from August 31, 2023.
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