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Jindal Steel and Power Limited has reported a ₹ 399.31 crore consolidated net loss for the second quarter of financial year 2019-2020. The company had reported a consolidated profit of ₹ 279.17 crore for the quarter ending September 30, 2018.
Total income for the JSPL group declined to ₹ 8,939.47 crore in the quarter under review from ₹ 9,982.25 in the corresponding quarter of the previous financial year.
“Though the quarter was due to be the weakest given the monsoon season, further weakened by the muted economic growth in the country; products like Rails, Structures, Plates and other such value added products helped the company partially offset the steep fall in prices and profitability during the reported quarter,” a company statement said.
On a consolidated level, JSPL produced 1.99 million tonnes of steel & related products (up 15 per cent from 1.73 million tonnes in the comparable quarter of fiscal 2018-2019) and sold 1.82 million tonnes of steel & related products (up 1 per cent from 1.80 million tonnes in the same quarter of the previous fiscal).
In terms of crude steel, for the consolidated entity, the company produced 1.84 million tonnes of crude steel on the consolidated level (up 10 per cent from 1.67 million tonnes in the last comparable quarter) and sold 1.70 million tonnes of crude steel (down 3 per cent from 1.75 million tonnes in the second quarter of fiscal 2018-2019).
Net Debt for the quarter ending September 2019 was reported at ₹ 36,501 crore.
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