JSPL Q2 net loss narrows to Rs 499 cr

New Delhi: Jindal Steel and Power (JSPL) today said its consolidated net loss narrowed to Rs 499 crore during the quarter ended September 2017.

The Naveen Jindal-led firm had posted a net loss of Rs 747.27 crore in the same quarter a year-ago.

However, the company’s total consolidated income was higher at Rs 6,124.78 crore in July-September quarter this fiscal from Rs 5,028.67 crore during the corresponding period of 2016-17, it said in a BSE filing.

Total expenses rose to Rs 6,674.43 crore from Rs 6,049.81 crore in the year-ago quarter.

In a statement, JSPL said it “produced 1.32 million tonnes (steel) on the consolidated level, up 14 per cent from 1.16 million tonnes in Q2 FY17, and sold 1.27 million tonnes, up 17 per cent from 1.08 million tonnes in Q2 FY17.”

During the quarter, the company divested its oxygen plant assets and used the proceeds to clear its entire pending domestic dues with all banks.

“The company remains focused on bringing down debt…,” it added.

Last month, JSPL had sold its oxygen plant assets of Raigarh and Angul units to SREI Equipment Finance for Rs 1,121 crore.

In Oman, Jindal Shadeed, a part of JSPL group, produced 0.43 million tonnes of crude steel in the September quarter, as against 0.28 million tonnes in the same quarter a year-ago.

“The rebar mill at Oman achieved production of 0.22 million tonnes this (September) quarter. Overall EBITDA for Q2 FY18 rose to USD 55 million (vs USD 32 million in Q1 FY18). Jindal Shadeed is now amongst the top steel suppliers in the GCC (Gulf Cooperation Council) markets,” JSPL said.

The company also said the demand for steel will grow in the country mainly in segments like rails and infrastructure.

JSPL is also into power generation and infrastructure segments and caters to a large part of India’s domestic energy and infrastructure requirements.

Shares of the company today ended 4.02 per cent up at Rs 164.30 apiece on BSE.