Jindal Steel & Power Limited (JSPL) on Wednesday reported a consolidated profit at Rs 267.58 crore in April-June quarter of FY21 as against a loss of Rs 87.4 crore in the corresponding period of last year. The consolidated revenue decreased 6.7 per cent to Rs 9,279 crore compared to Rs 9,946 crore in Q1FY20, JSPL said in an exchange filing. The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) saw a 9.6 per cent jump at Rs 2,384 crore from Rs 2,174 crore. The margin stood at 25.7 per cent in the given period.
Steel (including pig iron) production stood at 2.03 million tonnes in the quarter under review. The steel sales stood at 2.07 million tonnes.
"The quarter ending June 2020 may have been challenging, particularly for the Steel & Power Sector, as the world was reeling from a pandemic-induced recession and lockdowns to check the spread of JSPL Covid-19, but JSPL held its own and continued its growth momentum with increased steel volumes. JSPL's ability to adapt to the changing economic environment, and pioneer innovation, especially when steel consumption was muted, was the key in the Company reporting a growth quarter," JSPL said.
Meanwhile, JSPL recently said it is selling its operations in the middle east to Templar Investments Ltd for a deal valued at over $1 billion. The proceeds of the sale will go towards bringing down the overall debt of the company. The company said that the divestment is in line with its vision and commitment to continuously bring down its debt and deleverage its balance sheet.