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 2017-18.
In the three months in question, JSPL registered a net loss of INR 4.21 billion ($65.66 million) compared to a net loss of INR 12.40 billion in the same period of the previous financial year. JSPL’s turnover increased by 20 percent to INR 61.27 billion ($955.62 million), while its EBITDA rose by 33 percent to INR 13.53 billion ($211.02 million), both compared to the same period of the previous year.
According to JSPL's statement, it has commissioned its new four million mt per year blast furnace at its integrated steel plant in the Angul district in the state of Odisha. Its production will gradually ramp up and is expected to reach its full potential by the end of the current financial year. Consequently, the volume of steel produced and delivered by JSPL is expected to double its volume of the first quarter by the end of the year. Accordingly, JSPL expects the financial year 2017-18 to emerge as a turning point for its steel business.