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Jindal Steel and Power has reported a net loss of ₹426 crore for the last quarter of the financial year 2017-2018. This loss is over four times the ₹98-crore loss reported in the corresponding quarter of the financial year 2016-2017.
The company suffered a hit of ₹437.64 crore under exceptional items — certain demands and claims from regulatory authorities recognised as expense, a JSPL statement said.
The higher loss is despite a spurt in revenues on the back of a growth in steel demand in the country. Speaking to journalists, NA Ansari, CEO of JSPL’s steel business, said: “Compared to the same period, 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 the financial year 2017-2018.
Crude steel production during the fourth quarter of the financial year 2017-2018 stood at 1.26 million tonnes, 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-₹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 the financial year 2017-2018.
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