Jindal Steel and Power posts profit after 14 quarters
JSPL’s net profit was ₹181 crore in the first quarter ended 30 June, compared with a loss of ₹387 crore a year ago
Bengaluru: India’s Jindal Steel and Power Ltd posted its first profit in 15 quarters on Thursday and beat analysts’ estimates, helped by higher iron and steel sales.
Net profit was ₹181 crore ($26.37 million) in the quarter ended 30 June, compared with a loss of ₹387 crore a year ago. Analysts were expecting a profit of ₹133 crore, according to Thomson Reuters I/B/E/S.
Jindal Steel and Power’s steel sales rose 40% in the quarter to 1.61 million tonnes, the company said.
While global growth outlook for steel remained robust, the US-China trade spat poses some risk, the company added.