By Ravi Ranjan Prasad Aug 18 2013 , Mumbai
Firms with global exposure take hit on foreign exchange deals
India Inc's foreign exchange losses have swollen to Rs 7,016 crore in April-June quarter, though a few companies made forex gains totalling Rs 1,349 crore. During April-June, forex losses of the top 10 companies added up to Rs 4,543.46 crore, while the rest of the losses were accounted for by 129 other BSE companies, an analysis of data on forex losses and gains of 3,520 BSE firms provided by corporate database Capitaline shows. In the March quarter of 2012-13, all BSE companies that disclosed their entire forex losses and gains suffered net forex gain of Rs 457.67 crore (the difference between total forex gain and total forex loss).
The top 10 companies reporting forex losses are Adani Enterprises (which reported Rs 945.51 crore loss), Essar Oil (Rs 913 crore), JSW Steel (Rs 861.73 crore), Ranbaxy Laboratories (Rs 540.31 crore), Tata Power (Rs 292.96 crore), Sterlite Industries (Rs 229 crore), Lanco Infratech (Rs 220.63 crore), Alok Industries (Rs 188.77 crore), Tata Motors (Rs 178.64 crore) and Aurobindo Pharma (Rs 172.41 crore). Most of the losses came as companies with international exposure entered into foreign exchange contracts. Between April 1 and June 30, the rupee depreciated 9.45 per cent from 54.35 a dollar to 59.49. According to a report by Motilal Oswal Financial Services, the rupee's devaluation in 2012-13 was sharpened by the deteriorating current account deficit (CAD) and heavy selling by FIIs in the debt market in June.
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