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Jindal Steel and Power Limited (JSPL) has reported a ₹382.66-crore net profit for the second quarter of financial year 2018-19. This profit is supported by an exceptional gain of ₹255.46 crore reported by the company.
In a regulatory filing, the company said that exceptional items for the quarter/half year ending September 2018 include an early redemption price saving on payment of 17,500 privately placed debentures of ₹472.50 crore.
A write-off of partial expenses incurred in earlier years for projects amounting to ₹217.04 crore were also included.
The company had reported a total loss of ₹255.23 crore in the same quarter of the preceding financial year.
Total revenue from operations stood at ₹6,848.78 crore during the period under review. The topline in the correpsonding quarter of the previous financial year was ₹3,667.77 crore.
A company statement said the quarter ended September 2018 was a monsoon-hit quarter and is traditionally the weakest in terms of sales volumes and steel prices during the year.
“But with Angul production ramping up, JSPL standalone steel production rose 46 per cent to 1.30 million tonnes (mt) (from 0.89 mt in the second quarter last fiscal), while standalone steel sales increased to 1.28 mt (up 53 per cent year-on-year). The Angul production continues to ramp up with the blast furnace achieving production levels of more than 9,000 tonnes per day,” the company said.
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