Business

JSPL Q3: Narrows Loss, High On EBITDA And Turnover

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| January 25 , 2018 , 22:25 IST

Jindal Steel And Power Limited posted its financial results for the third quarter of FY 2017-18 on Thursday. As per the company release posted on BSE, the company has narrowed its loss at Rs 272.7 Crores Vs net loss of 453.3 crores (YoY).

The company led by industrialist Naveen Jindal reported a 21% rise in consolidated turnover to Rs 4,272 crores along with 26% hike in consolidated EBITDA (YoY).

As per the company release, the highlight of the third quarter ending December 2017 was the completion of the Basic Oxygen Furnace at the Company’s Angul plant. The Basic Oxygen furnace marked the completion of Angul Phase 1B for the company and paves the way towards quadrupling JSPL’s steel production in Angul, Odisha.

JSPL's Steel production rose 16% in the reported quarter to 0.97 million tonnes (0.84 million tonnes in Q3 FY17) while standalone steel sales during Q3 FY18 increased to 0.94 million tonnes (up 12% YoY).

JSPL produced 1.39 million tonnes on the consolidated level (up 21% from 1.15 million tonnes in Q3 FY17) and sold 1.36 million tonnes (up 17% from 1.16 million tonnes in Q3 FY17). Consolidated EBITDA increased to Rs. 1,606 Cr from Rs. 1,277 Cr (in Q3 FY17), up 26% YoY. 

Also Read :Global Crude Steel Production Rises 5.3% In 2017 : World Steel Association

Jindal Power Limited generated 2,982 units in the quarter, 23% up from the previous quarter. The company also began the supply of 150 MW supply to Kerala. JPL’s revenue for Q3 FY18 increased by 37% compared to the same quarter in FY17.

JSPL’s Oman wing, ‘Jindal Shadeed’ reported its highest ever EBITDA of US$ 63 mn for Q3 FY18. With production of 0.24 million tonnes this quarter, Jindal Shadeed even started exporting rebars to countries outside of GCC.

The results are positive for the company that has been narrowing its losses and increasing EBITDA in successive quarters now.