Jindal Steel and Power’s (JSPL) standalone net profit in the period of review (POR) Oct-Dec 2019 was at Rs970 mn, down by 45pc from Rs1770mn in the prior quarter.
The company’s standalone turnover excluding that from its Oman plant was at Rs6,6400mn in the POR, down by 1.35pc from Rs6,7310mn in Jul-Sep 2019.
JSPL reported a consolidated net loss of Rs2190mn in Oct-Dec 2019, from Rs870mn net in the prior year period.
The company projected their next quarter to be profitable with the functioning of their DRI- CGP (Coal Gasification plant) unit at Angul scheduled to commence in Jan 2020, according to JSPL’s statement. Indian government’s Rs1020mn investment under the National Infrastructure Pipeline is also likely to ramp up the infrastructure sector and boost the demand for finished steel.
(Rs in mn)
| Q2FY20 | Q3FY20 | Parameter | Q3FY20 | Q3FY19 |
| 65730 | 66400 | Turnover | 66400 | 67310 |
| Parameter | April-Dec 2019-20 | April to Dec 2018-19 |
| Turnover | 20,2980 | 20,3140 |
JSPL’s crude steel and related products’ output was at 1.61mn mt in the POR, up by 22pc from 1.32 in the prior year period, according to the company’s earlier statement. JSPL credited its strong performance, especially the Angul operations for increased production.