Jindal Steel and Power Q2 profit falls 38% to Rs 860 cr

New Delhi: Jindal Steel and Power Ltd (JSPL) on Wednesday reported 38 per cent fall in consolidated net profit at Rs 860 crore for September quarter, on account of lower revenue.

It had posted a net profit of Rs 1,390 crore for the period ended September 2023, the company said in a statement.

Gross income fell to Rs 13,025 crore from Rs 14,128 crore in the July-September period of 2023-24.

During the second quarter, the company's steel production increased to 1.97 million tonne (MT) from 1.90 MT in the same period a year ago. Sales were at 1.85 MT as against 2.01 MT.

The company said its net debt stood at Rs 12,464 crore as on September 30. The total capex for the quarter was Rs 2,642 crore, largely driven by the expansion projects at Angul.

As per an exchange filing, Wollongong Resources Pty Ltd Australia, a step-down subsidiary of the company, recorded net loss after tax at Rs 35.74 crore for the quarter.

"As on September 30, 2024 the accumulated losses and negative net worth of Jindal Steel & Power (Mauritius) Limited (JSPML) is of Rs 3,467.87 crore and Rs 2,062.92 crore, respectively," it said.