Jindal Steel and Power Ltd (JSPL) reported a 36 per cent drop in net profit at ₹559 crore for the December quarter against ₹870 crore in the corresponding period last year on account of flat sales and higher interest costs. Revenue for the quarter was up 12 per cent at ₹5,377 crore. .

On a standalone basis, the Naveen Jindal-led company reported a 30 per cent year-on-year decline in profit for the quarter, while the turnover dropped 1 per cent on change in product mix. Net sales realisations for the steel business were up 2.5 per cent as the company had raised the prices during the quarter.

“We do hope for more buoyancy,” said Ravi Uppal, Managing Director and CEO, forecasting a rise in demand in the March quarter, traditionally considered the strongest.

Uppal said the company maintained growth in steel exports and retail sales, which grew 9 per cent and 78 per cent, respectively. JSPL commissioned new downstream units and introduced new product lines.

The company, which recently commissioned a steel plant in Angul, Odisha, expects to take up capital upgrade work at its Raigarh facility in Chhattisgarh during the March quarter.

Power business looks up

Jindal Power Ltd, a group subsidiary, reported a 4 per cent rise in profit and 9 per cent increase in turnover on high operational performance. “Our plant load factor was 95.8 per cent during the quarter against 81 per cent in the corresponding period last year,” Uppal said. Per unit realisation was flat at ₹3.1.

Ahead of the earnings announcement, the JSPL scrip ended 1.91 per cent higher at ₹258.65 on the BSE on Tuesday.

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