Indian steelmaker Jindal Steel and Power Ltd (JSPL) has issued its consolidated financial results for the financial year 2017-18 ended March 31.
In the given financial year, JSPL registered a net loss of INR 16.24 billion ($241.24 million), compared to a net loss of INR 25.4 billion in the previous financial year. JSPL’s sales revenues totaled INR 278.41 billion ($4.13 billion), rising by 23 percent year on year, while its EBITDA rose to INR 64.69 billion ($960.92 million), compared to the EBITDA of INR 47.09 billion recorded in the previous year.
According to JSPL's statement, during the year in question its steel production increased by 18.75 percent to 5.70 million mt, while its steel sales rose by 17 percent to 5.44 million mt, both compared to the previous financial year.
JSPL stated that the outlook for steel remains positive as both demand and prices remain robust, internationally and domestically. As the global economic situation strengthens, investment levels are set to rise across geographies. Further supported by the shutdowns and curtailments in China on the back of environmental norms, these should provide support to the steel demand in the long run.