Indian steelmaker Jindal Steel and Power Ltd (JSPL) has issued its consolidated financial results for the second quarter ended September 30 of the financial year 2017-18.
In the three months in question, JSPL registered a net loss of INR 4.99 billion ($76.23 million) compared to a net loss of INR 7.47 billion in the same period of the previous financial year. In the second quarter, JSPL’s turnover increased by 22 percent year on year to INR 61.25 billion ($935.76 million), while its EBITDA declined to INR 13.73 billion ($209.76 million), rising by 62 percent year on year.
According to JSPL's statement, during the quarter in question its crude steel production increased by 14 percent year on year to 1.32 million mt. In the same quarter, JSPL sold 1.27 million mt of steel, registering a growth of 17.6 percent year on year.
JSPL stated that, with the commissioning of the blast furnace in its integrated steel plant at Angul, production volumes at the plant are gradually ramping up. This shall accelerate further with the commissioning of the basic oxygen furnace in the third quarter of the current financial year. According to JSPL, the increase in volumes will both help the company reduce costs further and improve margins.