Jindal Steel and Power's net profit up 12% to Rs 1,496 crore in June quarter
's consolidated net profit rose nearly 12% on-year to Rs 1,496 crore in the June quarter helped by an improvement in profitability even as gross revenue for the period was lower by more than 9% at Rs 14,336 crore.
The steel maker sold 1.90 million tonnes of steel during the quarter, down from 2.09 million tonnes a year ago.
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Adjusted for a one-off forex gain of Rs 21 crore, earnings before interest, tax, depreciation and amortization improved to Rs 2,984 crore from Rs 2,831 crore a year ago. The adjusted EBITDA made on each tonne of steel improved to Rs 15,680 from Rs 13,527 a year ago.
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The company's consolidated net debt rose to Rs 14,400 crore at the end of June from Rs 11,957 crore at the end of the March quarter. Net debt to EBITDA increased to 1.49 times at the end of June from 1.26 times at the end of March.
Jindal Steel spent a total of Rs 2,226 crore on capital expenditure during the quarter, largely on the expansion of its plant at Angul in Odisha. The company is in the final stages for commissioning the blast furnace at Angul, with production likely to commence this month, the company said in a statement.
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Jindal Steel reported its earnings after market hours and its shares closed at Rs 995.60 apiece on the BSE, up 0.5% from the previous close.
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