Jindal Steel and Power Ltd (JSPL) reported consolidated net profit after tax (PAT) of INR 2,432 crore during the third quarter of FY20, said a regulatory filing by the company. It must be noted that JSPL had posted net loss of INR 257 crore in the corresponding quarter a year before. The robust steel sector performance and power business boosted the consolidated revenue for the quarter to INR 10,534 crore, as compared with INR 7,526 crore.
According to the company, its EBITDA skyrocketed by 170% over the previous year to INR 4,252 crore. The EBITDA had totalled only INR 1,574 crore in the same quarter a year before. Also, all operational assets except Australia reported positive EBITDA during Q3 FY21. The entire Indian steel industry showed signs of recovery during the quarter, with domestic steel demand and capacity utilization rising over the previous month.
The company reported highest-ever steel production volumes of 1.93 million tonnes, which is higher by 20% over the previous year. The steel sales volume surged higher by 12% year-on-year to total 1.87 million tonnes.
During the quarter, JSPL became the first private company in the country to be awarded the “Regular Supplier” status from the Indian Railways. Accordingly, the company will supply 880 grade Rails to the governmental entity.
