Jindal Steel and Power Ltd (JSPL) reported a consolidated net revenue of Rs89.9bn ($1.20bn) in the second quarter of the financial year 2021 (July-September), up by 17pc from the prior-year quarter on the back increased sales along with revival of domestic steel demand, according to the company.
According to a company release, as domestic demand returned, JSPL increased its sales within India, reflected in declining export trend in the reported quarter, which dipped to 38pc compared to 58pc in the previous quarter. Exports stood at 0.74mn mt in Q2.
The company’s EBITDA rose by 78pc to Rs27.02bn from Rs 15.18bn in the prior year quarter.
On a standalone basis, the company’s net revenue rose by 15pc to Rs86.67bn from Rs75.09bn over the prior year. Profit After Tax (PAT) jumped by 6483pc in the quarter to Rs9.98bn. The company’s EBITDA stood at Rs24.35bn, up by 94pc from the prior year period.
In Q2, Jindal Shadeed reported a 42pc rise in steel production at 0.51mn from 0.36mn in the prior quarter. The company’s revenue and EBITDA stood at $226mn and $25.89mn, up by 1pc and 2pc, respectively.