Usha Martin chairman Prashant Jhawar (right) with MD Rajeev Jhawar in Calcutta on Friday. A Telegraph picture
Nov. 7: Usha Martin Ltd has reported a consolidated net loss of Rs 65.30 crore for the second quarter ended September 30, 2014, against a profit of Rs 86 lakh in the year-ago quarter.
The company has been hit hard by the Supreme Court order on coal block allocation under which its mines at Kathuatia and Lohari have been cancelled. It has made a provision of Rs 70.67 crore under exceptional items for the quarter for the 2.4 million tonnes coal mined from Kathuatia till September 30. The Supreme Court has imposed a fine of Rs 295 per tonne of coal produced at the cancelled mines already in operation.
"The coal block de-allocation impacts a company like Usha Martin. However, we will now be participating in the re-bidding process and see how we can secure raw materials," said Prashant Jhawar, chairman of Usha Martin.
Petronet LNG's net profit jumped 44.5 per cent in the second quarter to Rs 262.81 crore from Rs 181.75 crore in the year-ago period.
"The main reason for the jump in net profit was higher volumes of imports and higher trading margin on spot and short -term cargoes at the Dahej terminal in Gujarat," said, A.K. Balyan, managing director and CEO of Petronet.
The company plans to expand its Dahej terminal by 2.5 million tonnes to 17.5 million tonnes.
Larsen & Toubro
Larsen & Toubro has reported a 6.87 per cent increase in consolidated net profit at Rs 861.75 crore for the September quarter because of subdued sales from its power and hydrocarbon businesses. Net profit stood at Rs 806 crore in the year-ago period after tax, minority interest and share in profit of associates.