JSPL Q1 net falls 3pc on lower power tariff
JSPL Ltd today posted a 3 per cent decline in its net profit to Rs 956.97 crore for the first quarter of the current fiscal mainly due to fall in power tariffs.
By Agencies |
NEW DELHI: JSPL Ltd today posted a 3 per cent decline in its net profit to Rs 956.97 crore for the first quarter of the current fiscal mainly due to fall in power tariffs.
"Power tariffs were abnormally high at Rs 6-7 per unit last year. Now, it has stablised at Rs 4-5 a unit. It has led to the fall in our consolidated results," Jindal Steel and Power Whole Time Director Sushil Maroo told PTI.
It's subsidiary Jindal Power runs a 1,000 MW power plant in Chhattisgarh and sells certain quantum as merchant power. Besides, Jindal Power, the company also sells power from its captive units.
The Naveen Jindal-led company had a profit of Rs 988.47 crore in the year-ago period. The company saw its sales rising 9 per cent to Rs 3,000 crore as against Rs 2,760 crore posted in the year-ago period.
Jindal Power saw its profit falling to Rs 559 crore in the reporting quarter from Rs 700 crore in the year-ago period due to fall in power tariffs.
The diversified firm is bullish on the outlook on improvement in steel demand and prices in the country.
"We anticipate demand and prices picking up from October. We are positive on the outlook," Maroo added.
On a standalone basis, the company saw its profit rising 45 per cent to Rs 435.69 crore in the April-June quarter as against Rs 300 crore in the corresponding period a year ago.
Its standalone sales went up by 34 per cent to Rs 2,121 crore in the reporting quarter as compared to the first quarter of the last fiscal.
"Power tariffs were abnormally high at Rs 6-7 per unit last year. Now, it has stablised at Rs 4-5 a unit. It has led to the fall in our consolidated results," Jindal Steel and Power Whole Time Director Sushil Maroo told PTI.
It's subsidiary Jindal Power runs a 1,000 MW power plant in Chhattisgarh and sells certain quantum as merchant power. Besides, Jindal Power, the company also sells power from its captive units.
The Naveen Jindal-led company had a profit of Rs 988.47 crore in the year-ago period. The company saw its sales rising 9 per cent to Rs 3,000 crore as against Rs 2,760 crore posted in the year-ago period.
Jindal Power saw its profit falling to Rs 559 crore in the reporting quarter from Rs 700 crore in the year-ago period due to fall in power tariffs.
The diversified firm is bullish on the outlook on improvement in steel demand and prices in the country.
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"We anticipate demand and prices picking up from October. We are positive on the outlook," Maroo added.
On a standalone basis, the company saw its profit rising 45 per cent to Rs 435.69 crore in the April-June quarter as against Rs 300 crore in the corresponding period a year ago.
Its standalone sales went up by 34 per cent to Rs 2,121 crore in the reporting quarter as compared to the first quarter of the last fiscal.
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