JSPL loss narrows 39 per cent to Rs 277 cr

Jindal Steel and Power (JSPL) narrowed its consolidated net loss to Rs 276.9 crore for the three months ended December 31, 2017 from a net loss of Rs 455.1 crore in the corresponding period last year. The company’s consolidated revenues stood at Rs 6,993 crore, an annual rise of about 21%, while the EBITDA (earnings before interest, tax, depreciation and amortisation) was up by 26% to Rs 1,606 crore. The EBITDA margins also came in higher by 100 basis points at 23% during the quarter. “JSPL consolidated net debt was maintained at the same level as last quarter,” the company said in a statement on Thursday. The company’s debt stood at Rs 43,834 crore at the end of Q2. JSPL’s steel production went up 21% in the quarter to 1.39 million tonne (MT) at the consolidated level. The company spent about 32% more on materials consumed during the quarter, with costs running up to Rs 2,217 crore. The impact of increase in raw material prices during the quarter was offset by rising sales realisations. There was a 14% rise in the company’s revenue from the iron and steel business segment to Rs 5,651.4 crore. Consumption of finished steel grew 5.2% in the country in the first nine months of FY18. Impeded by the pan-Indian phenomenon of shortage of coal, Jindal Power (JPL) generated 2,982 units in the quarter, up 27% year-on-year. This led to plant load factor (PLFs) at its power plants rising six percentage points to 40%. JSPL’s revenue from the power segment (3,400 MW commercial and 1,634 MW retail) increased by about 20% to Rs 1,861.4 crore, buoyed by higher electricity prices in spot markets and the beginning of 150 MW supply to Kerala. JSPL completed the basic oxygen furnace at its Angul plant and commenced mining operations in Australia during the quarter.