Bihar Sponge Iron Ltd — Board Meeting, 29-05-2025: Board Meeting

Bihar Sponge Iron Limited has announced a board meeting on which it approved the financial results for the quarter and half-year. The company reported net revenue of Rs. 319.42 Cr and a profit of Rs. 10.39 Cr for the year. The Board approved the sale of a non-operational and outdated 5MW power plant to a related party at Rs. 1 Cr due to unviability amid high coal costs. It also agreed to an MOU for repayment of outstanding loans to the same related party within five years. The audit report includes qualifications related to non-provision of a Rs. 2.15 Cr penalty disputed in court and interest on a government soft loan of Rs. 82.73 Cr, for which waiver representations are pending. Management is negotiating loan settlements with promoters and government but has not quantified their impact.