JSPL reports loss of Rs407.44 crore
Mumbai: Jindal Steel and Power Ltd (JSPL) Tuesday announced a net loss of Rs407.44 crore for the December quarter, less than half of the Rs869.73 crore loss it posted a year ago, helped by higher production and sales of steel.
Total income from operations rose 24.7% to Rs5,407.87 crore from Rs4,336.05 crore a year earlier.
Nine analysts polled by Bloomberg had expected JSPL to report consolidated net loss of Rs611 crore while eight analysts had expected sales of Rs5,297.6 crore.
The Naveen Jindal-led integrated steel and power producer’s consolidated steel sales in the quarter rose 18% to 1.16 million tonnes while consolidated steel production rose 7% to 1.15 million tonne, JSPL said.
Revenue in the iron and steel business rose 40.4% to Rs4,577.71 crore while revenue in the power business rose 6.2% to Rs1,554.27 crore. A large part of the company’s power capacity remained unutilized, the company said.
Total expenses in the third quarter rose 7.7% to Rs5,158.57 crore from Rs4,789.58 crore a year earlier.
“Going forward, the company will continue to focus on increased volumes of steel, improve product mix with a higher focus on high yield products, improve its product mix and increased production in all mines both in India and abroad which would enhance the revenues as well as the operating margins in the coming quarters,” JSPL said in a statement.