Jindal Steel and Power posts profit after 14 quarters
1 min read . Updated: 09 Aug 2018, 04:52 PM ISTJSPL'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.
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