Jindal Steel slips 12% on disappointing March quarter results

In Q4FY19, the company's consolidated net loss widened to Rs 2,713 crore from Rs 426 crore in Q4FY18.

Shares of Jindal Steel and Power(JSPL) slipped 12 per cent intra-day to Rs 144 per share on the BSE after the company reported a 14 per cent year-on-year (y-o-y) decline in its consolidated operating profit at Rs 1,845 crore in March quarter (Q4FY19) due to higher expenses and finance costs. 

The consolidated Ebitda (earnings before interest, tax, depreciation and amortisation) margin was down 18 per cent from 25 per cent in the yea-ago quarter.

The company said average industry price realisations fell sharply during the quarter as domestic steel prices dropped until January this year before witnessing a modest recovery.