Jindal Steel and Power Ltd reported a 7 per cent rise in consolidated net profits for the December quarter aided by higher sales. However, the growth in net earnings was offset by high input costs and a weak rupee. JSPL reported a consolidated net of Rs 1015.88 crore on revenue of Rs 4357.69 crore for the December quarter as against a net of Rs 951.10 crore on sales of 3173.99 crore in corresponding last quarter.
On a stand alone basis, the net profits were down 8 per cent at Rs 461 crore, while sales were up 37 per cent at Rs 3298 crore over corresponding last quarter. Mr Sushil Maroo, Chief Financial Officer, JSPL attributed the decline in standalone profits to the high coking coal costs and a weak rupee, which made the imports costlier.
The company reported an increase in sales of steel products, pellets and power while its pig iron sales were down by about 60 per cent over corresponding last quarter.
Shares of JSPL ended marginally down on the BSE at Rs 509.95 ahead of the results announcement. JSPL on Wednesday commissioned two more units of 135 MW, one each in Raigarh and Angul in Orissa.