JSPL Q1 results: Net profit jumps 11-fold to Rs 2,516 cr

Mumbai: Naveen Jindal-led Jindal Steel & Power Ltd (JSPL) on Tuesday posted a consolidated net profit of Rs 2,516 crore for the June quarter, up 11 times the year earlier.

“The quarter marked exemplary performance by all businesses including steel and overseas mines and minerals businesses,” the company said in a media statement.

Revenue from operations rose 67% to Rs 11,698 crore, while earnings before interest, taxes, depreciation and amortisation (Ebitda) expanded one-and-a-half times to Rs 4,539 crore. The quarter also witnessed a sharp rise in input cost, impact of which was compounded by exhaustion of low-cost iron ore inventory.


Although the standalone Ebitda rose from a year earlier, it declined 7% sequentially due to a drop in sales volume and lower benefit accruing from iron ore compared to the prior quarter, the statement said.

In the April-June quarter, the company produced 2.01 mt steel, up 20.3% year-on-year, and sold around 1.61 million tonnes.

“While domestic demand was subdued during the quarter, buoyant export markets continued to provide support with exports accounting for 34% in 1QFY22,” the company said.

The share of exports would have been higher in the absence of logistical challenges, it added.