Jindal Steel and Power has reported a net loss of ₹ 426 crore for the last quarter of financial year 2017-2018. This is over four times the net loss reported by the company in the corresponding quarter of financial year 2016-2017.

The higher loss is despite a spurt in revenues on the back of a growth in steel demand in the country. Speaking to journalists, N A Ansari, the CEO of JSPL’s steel business said, “Compared to the same period in the Consolidated revenue has grown by 27 per cent to ₹ 8,599 crore while EBITDA has grown by 38 per cent to ₹ 2,136 crore.”

On a standalone basis, the company has reflected a turnaround and posted a profit after 13 months. A company statement said that the profit after tax stood at ₹ 145 crore in the fourth quarter of financial year 2017-2018. During the corresponding quarter of the financial year 2016-2017, the company posted a ₹ 116 crore net loss.

For the full financial year 2017-2018, the company has lowered its net loss to ₹ 362 crore from a loss of ₹ 986 crore in the financial year 2016-2017.

Crude steel production during the fourth quarter of the financial year 2017-2018 stood at 1.26 million tonne, 38 per cent higher than the production during the corresponding period of the financial year 2016-2017.

Earlier this year, JSPL’s account has been struck off the Non-Performing Assets list. A company official said, “We plan to reduce the consolidated debt by ₹ 4,000 crore to ₹ 5,000 crore in the current financial year.” JSPL’s debt has come down from a peak of ₹ 46,500 crore to ₹ 42,000 crore by the end of financial year 2017-2018.

 

 

 

 

 

 

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