JSPL posts Rs 499 crore loss in Q2

Kolkata, Nov 9 (IANS) Jindal Steel & Power (JSPL) on Thursday reported that it has narrowed down its consolidated net loss to Rs 499 crore for the quarter ended September 30, as compared to a loss of Rs 747 crore in the year-ago period.

Its turnover, during the July-September period, was at Rs 6,125 crore, up by 22 per cent from Rs 5,029 crore in the year-ago period.

As of end September, its consolidated net debt was maintained at the same level as last quarter.

"In continuation with its plans to strengthen the balance sheet, the Company divested its Oxygen Plant Assets during the reported quarter and used the proceeds to clear its entire pending domestic dues with all banks. The Company remains focused on bringing down debt," a statement said.

On the consolidated level, it produced 1.32 million tonnes, up by 14 per cent from 1.16 million tonnes in the year-ago period and sold 1.27 million tonnes, an increase of 17 per cent from 1.08 million tonnes in same period last year.

"Steady rise in operating profits across all businesses in the reported quarter have led to the consolidated ebitda increasing to Rs 1,373 crore, up 62 per cent year-on-year from Rs. 848 crore in the same period last year," the company said.

It also said power producers across most parts of India witnessed low coal availability in the second quarter, which led to a fall in generation for Jindal Power Ltd.

"The company generated 2,427 units in the reported September quarter as compared to 3,186 units in the first quarter of current fiscal. Accordingly, the station PLF also decreased to 32 per cent compared to 37 per cent in second quarter last fiscal," it said.

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