JSPL records net loss of Rs 399 cr for the quarter of September

New Delhi, November 5 () Jindal Steel and Power Ltd (JSPL) recorded a consolidated net loss of Rs 399.31 rupees on Tuesday for the quarter ended September 30.

However, the company had published a consolidated net profit of Rs 279.17 crore during the same period of the previous year, JSPL said in a presentation to the BSE.

These are figures after taxes.

Its total income in the July-September 2019 quarter decreased to Rs 8,940.33 rupees, from Rs 9,983.16 rupees in the same period of the previous year.

In a statement, the company said that the quarter that ended in September 2019 highlighted the strength in JSPL's diversified and differentiated product profile.

Products such as rails, structures, plates and other value-added products helped the company partially offset the sharp drop in prices and profitability during the reported quarter, he said.

JSPL, on a consolidated level, produced 1.99 million tons of steel and related products and sold 1.82 million tons.

The company produced 1.84 million tons of crude steel at the consolidated level and sold 1.70 million tons.

The net debt for the quarter ended September 2019 was Rs 36,501 crore. Net debt was reduced by Rs 1,471 crore, excluding the impact of the quarterly currency exchange.

Backed by a series of government measures, including corporate tax cuts, increased allocation and spending for the infrastructure sector; Steel demand could be better than the first half of 2019-20.

Seasonally, the period from October to March is better in terms of steel consumption with the decrease in rainfall and following a rebound in construction activity, the company said.

JSPL also said that it has also become the highest bidder for the Gare Palma IV/1 coal block (nominal capacity of 6 million tons per year) in Chhattisgarh at the recently held coal block auctions in a closing offer of Rs 230 per ton. This will help increase the availability of coal for the company's general operations. It will also help the country reduce its dependence on coal imports, the statement said. SRS HRS