ANI
21 Jan 2021, 23:03 GMT+10
New Delhi [India], Jan 21 (ANI): Jindal Steel and Power Ltd (JSPL) said on Thursday it continues to benefit from improving operating and financial leverage with consolidated profit after tax at Rs 2,432 crore in the quarter ended December 2020 versus loss of Rs 257 crore in 3Q FY20.
The strong performance in Indian steel as well as power business in 3Q FY21 helped the company report consolidated gross revenue of Rs 11,704 crore, up 39 per cent year-on-year and earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 4,252 crore as compared to Rs 1,574 crore in 3Q FY20.
"JSPL continues to strengthen its balance sheet with net debt reducing further by Rs 3,289 crore during the quarter (Rs 10,298 crore in 9M FY21)," it said in a statement. As on December 2020, JSPL reported consolidated net debt of Rs 25,621 crore.
During 3Q FY21, JSPL standalone reported highest ever steel production volumes (including pig iron) at 1.93 million tonnes (up 20 per cent year-on-year) and sales of 1.87 million tonnes (up 12 per cent year-on-year).
As domestic demand continued to recover, the company raised its sales within India. This was reflected in declining share of exports for JSPL which fell to 21 per cent versus 38 per cent in 2Q FY21.
After remaining largely range-bound in the prior quarter, on back of increased raw material prices, 3Q FY21 saw long steel prices rising alongside flat steel prices.
Pellet production increased 3 per cent but external sales reduced to 0.4 million tonnes (down 38 per cent year-on-year) on higher internal consumption as steel volumes continue to ramp up.
3Q FY21 also saw JSPL becoming India's first private company to get the regular supplier status from Indian Railways to supply 60kg 880 grade (90UTS) rails.
JSPL is a leading Indian infrastructure conglomerate with a presence in steel, power and mining sectors.
With an investment of 12 billion dollars (about Rs 90,000 crore) across the globe, the company is continuously scaling its capacity utilisation and efficiencies to contribute towards building a self-reliant India. (ANI)
Get a daily dose of New York Statesman news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to New York Statesman.
More InformationThe February 4 announcement by National Security Advisor Jake Sullivan that President Biden would end U.S. support for offensive operations ...
Unionized workers at the U.S. Department of Veterans Affairs have spent the past four years in a grinding workplace battle ...
The spectacle of watching the entire professional investing class and the financial media descend into a panicked frenzy thanks to ...
Why does the effort to rebuild a tiny Japanese fishing village, 10 years after a tsunami, matter to someone living ...
After 11 years in the wilderness, Democrats again control Congress and the presidency. The Trump administration, courtesy of an Electoral ...
Lisa Koop, associate director of legal services for the National Immigrant Justice Center (NIJC), stood with her client in immigration ...
Yemen's Houthi rebels have carried out missile and drone strikes on a Saudi military base and an oil facility, expanding ...
BERLIN, Germany: In a change of policy, Germany has announced it will begin vaccinating those over 65 years-old, while recommending ...
WASHINGTON D.C.: Compromising with moderates, President Joe Biden and Democrats agreed to tighten the requirements for those eligible to receive ...
ANN ARBOR, Michigan: Some 375 University of Michigan students have been banned from entering school buildings because they have not ...
PARIS, France: The French government will not require residents of the Paris region to be locked down this weekend. However, ...
LARISSA, Greece: Central Greece was struck by a magnitude 6.0 earthquake on Wednesday, which was also felt in nearby Albania ...