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Visa Steel has pared net consolidated loss to ₹29.41 crore in Q1 2014-15 from ₹52.44 crore in the corresponding quarter last year.
On a standalone basis, the net loss stood at ₹19.44 crore (₹53.31 crore). During Q1, ₹14.84 crore was written down valuation inventories of a subsidiary as metallurgical coke prices had fallen “significantly due to recessionary conditions”, a note to the accounts said.
“With the gradual improvement in availability of raw materials and increase in demand for the company’s products and realisation... and with the expected sanctions of fresh line of credit from lenders, it is expected that the overall financial health of the company would improve”, Visa Steel said in another note.
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