Shree Ganesh Jewellery House (I) Ltd has reported a net loss of Rs 1,047.74 crore in the July-September quarter this fiscal against a profit of Rs 82.57 crore in the corresponding quarter last fiscal.
In the notes to the accounts, it said that the company incurred a loss of Rs 396.20 crore in certain trade transactions. This had been also provided for, the note explained.
The company also disclosed that it cancelled a bullion purchase contract in October with Shree Ganesh Jewellery House FZE, a wholly-owned subsidiary in the UAE.
“As such, the subsidiary had suffered a loss of approximately Rs 1,137 crore, of which Rs 61.75 crore is to be provided in standalone books as a diminution in value of investment, and Rs 623.72 crore has been provided against bad debt, since the subsidiary is also one of the debtor of the company,” Shree Ganesh stated.