Bharati Shipyard has trimmed its loss in the third quarter but its financial woes continue.

The Indian shipbuilder reported a net deficit of INR 682.9m ($10.2m) to 31 December, against INR 9.1bn a year earlier.

Its expenses were reduced from INR 492.1m to INR 376.3m as the company made cost-cutting efforts.

Bharati is currently facing 18 winding-up petitions from various creditors, it said.

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