- The firm has gained a net profit of Rs 2,432 Crore in the third quarter of the ongoing financial year.
NEW DELHI (Metro Rail News): Jindal Steel and Power Ltd (JSPL) on Thursday posted a consolidated net profit of Rs 2,432.20 crore for the quarter ended December 2020, mainly on account of increased income.
The company had recorded a net loss of Rs 257.36 crore during the same quarter a year ago, the firm said in a BSE filing.
During the quarter under review, its total income jumped to Rs 10,898.70 crore, as against Rs 7,526.28 crore in the October-December quarter of 2019-20, up about 45 per cent as per its Q-3 report.
Its standalone income during October-December 2020 was at Rs 8,739.37 crore, as against Rs 6,640.26 crore a year ago. Expenses reduced to Rs 5,924.66 crore, from Rs 6,492.64 crore.
“The quarter ended on December 31, showed recovery signs for the entire steel industry in India with both utilization levels and domestic demand rising month on month. However, the industry continues to struggle with raw material scarcity amplified by an exponential rise in domestic and international iron ore prices”, JSPL said in a statement.
“Strong performance in India steel as well as power business in 3QFY21, helped JSPL report Consolidated Gross Revenue of Rs. 11,704 Cr (up 39 % YoY) and EBITDA of Rs. 4,252 Cr (vs. Rs.1,574 Cr in 3QFY20). All operational assets except Australia reported positive EBITDA in 3QFY21. JSPL continues to benefit from improving operating and financial leverage with the Consolidated PAT (Continuing Operations) at Rs. 2,432 Cr (vs loss of Rs.257 Cr in 3QFY20)”, the statement said.
JSPL continues to strengthen its balance sheet with net debt reducing further by Rs 3,289 Cr during the quarter (Rs. 10,298 Cr in 9MFY21). As on December 2020, JSPL reported Consolidated Net Debt of Rs. 25,621 Cr. Net Debt to EBITDA (Trailing) at the end of December’20 stood at 2.35 x (vs 3.52x as on September’2020) according to the statement.
The firm has set new examples and it continues to achieve new heights under the leadership of its Managing Director, Mr. V R Sharma. JSPL is quickly recovering under his management and it expects the coming quarters to be more fruitful. The planning made by Mr. Sharma is bearing fruits as he continues to work rigorously for a better future of the company.