JSPL reports Rs 110 crore net profit in April-June quarter

13-Aug-2018

JSPL reported a consolidated net profit of Rs 110 crore for the quarter ended June 30, 2018.

The private steel maker had suffered a consolidated net loss of Rs 421.43 crore in the corresponding quarter of the preceding fiscal.

Total income during April-June 2018 rose to Rs 9,665.35 crore from Rs 6,126.61 crore in the year-ago period.

Total expenses were at Rs 9,401.68 crore, higher from Rs 6,636.71 crore in the year-ago period.

On a standalone basis, the company clocked a profit of Rs 332.24 crore in the reported quarter. It posted a loss of Rs 177.73 crore in the year-ago period.

In a statement, JSPL which is one the top six steel makers in India said, “The company has reported a consolidated quarterly profit after 14 loss-making quarters, after reporting a net profit on a standalone basis in fourth quarter 2017-18 after 13-successive loss-making quarters.”

N A Ansari, Chief Executive Officer (CEO) JSPL said, “With the 6 MTPA integrated steel plant at Angul tracing the planned ramp-up blueprint, we are confident of setting new production and sales bench marks with every passing quarter.”

“We are aiming at further accelerating the production momentum at Angul and Oman, as well as take Raigarh steel plant capacity utilization to near 100 per cent levels,” Ansari added.

On rail order, he said with a capacity to produce over 50,000 tonnes of rails every month, JSPL is confident to assist Indian Railways for faster completion of their planned rail track renewal target.

Recently, JSPL — the only private player making rails in India — bagged 20 per cent of Rs 2,500 crore global tender floated by Indian Railways to supply long rails.

JSPL further said said its crude steel output during the said period grew 30 per cent to 1.65 million tonne (MT) from 1.27 MT in June quarter of 2017-18.

The sales at 1.61 MT were 40 per cent up from 1.15 MT in April-June 2017, JSPL said.

In Oman, its subsidiary Jindal Shadeed produced 0.43 MT crude steel as against 0.36 MT in the year-ago period.

Part of the USD 18 billion OP Jindal Group, JSPL has strong presence in steel, power, mining and infrastructure sectors.

The company also said it aims at ramping up production at its coal mines in Australia, South Africa and Mozambique in the coming quarters.

Source: PTI