JSPL Q3 net loss narrows to Rs 277 cr

Jindal Steel and Power today said its consolidated net loss narrowed by 39 per cent to Rs 276.99 crore in the third quarter ended December 31.
The Naveen Jindal-led firm had posted a net loss of Rs 455.05 crore in the corresponding quarter last fiscal.
Its total income increased to Rs 6,993.60 crore during the quarter under review as against Rs 5,787.75 crore in the same period previous fiscal, the company said in a BSE filing.
The firm's total expenses were at Rs 7,316.26 crore as against Rs 6,373.39 crore a year ago.
The steel output, during the said quarter, grew by 21 per cent to 1.39 million tonnes (MT) as against 1.15 MT in the year ago period.

The production of pellet rose by 4 per cent to 1.76 MT from 1.69 MT in the corresponding quarter.

Part of the USD 18 billion OP Jindal Group, JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors.
It sold 1.39 MT steel, up 6 per cent, in December quarter compared to 1.32 MT in the same period a year ago. The sale of pellets increased by 11 per cent to 1.76 MT as against 1.58 MT in the year-ago quarter.
The company further said: "Consolidated EBITDA (Earnings before interest, taxes, depreciation, and amortisation) increased to Rs 1,606 crore from Rs 1,277 crore in Q3 FY17, up 26 per cent over the year ago period. As of quarter-ended 31st December 2017, JSPL consolidated net debt was maintained at the same level

as last quarter".
Quarter on quarter, JSPL's net loss improved 44.54 per cent as compared to Rs 499.48-crore in July-September period.
The company also said it has shown improvement in its loss numbers and output despite turbulence in the industry.
The firm incurred "higher finance cost due to borrowing for payment of additional coal levy of approximately Rs 3,300 crore and higher fuel cost, consequent to cancellation of coal blocks by the Supreme Court continued to contribute to loss in financial results," it said in the filing.
Jindal Power Ltd (JPL) "despite of being in the midst of coal
rich

region, low availability of
coal
continues
to stifle the ramp up of generation at JPL. The company generated 2,982 units in the reported December quarter as compared to 2,427 units in
2QFY18 up 23 per cent".
In Oman, during the quarter ended
31st December 2017, Jindal Shadeed
produced
0.42 million tonnes of crude steel as against 0.31 million tonnes in the same quarter last fiscal. The company reported its highest ever EBITDA of USD 63 million as against USD 55 million.
In Australia, mining commenced at Wongawilli mines.
"The company has always maintained a healthy margin and despite increase in raw material prices the firm has posted a healthy EBITDA per tonne," JSPL's corporate strategy head Kapil Mantri said.

Shares of the company today ended 1.25 per cent higher at Rs 280.10 per unit on BSE.