Indian steelmaker Jindal Steel and Power Ltd (JSPL) has issued its consolidated financial results for the first quarter ended June 30 of the financial year 2015-16.
In the three months in question, JSPL registered a net loss of INR 3.55 billion ($54.26 million) compared to a net profit of INR 4.02 billion in the same period of the previous financial year. JSPL’s EBITDA declined to INR 10.18 billion ($155.7 million) compared to the EBITDA of INR 16.29 billion recorded in the same quarter of the previous year.
According to JSPL's statement, during the quarter in question its steel production increased by 37 percent year on year due to enhanced capacity utilization of its Angul and Oman steel plants. In the same quarter, JSPL sold 1.1 million mt of steel, thus registering a growth of 39 percent year on year.
JSPL stated that in the current financial year it will continue to focus on multiple cost reduction, energy saving and capital efficiency initiatives. The company is also taking concrete steps to reduce its working capital and strengthen its financials by exploring various avenues to reduce its debt.