Jindal Steel & Power (JSPL) was down 0.45% at Rs 176.20 after reporting consolidated net loss of Rs 224.28 crore in Q3 December 2019 compared with net loss of Rs 24.05 crore in Q3 December 2018.
Consolidated net sales slipped 2.8% to Rs 9,299.78 crore in Q3 December 2019 (3QFY20) over Q3 December 2018 (3QFY19). The firm reported pre-tax loss of Rs 200.80 crore in Q3 December 2019 as against pre-tax profit of Rs 13.60 crore in Q3 December 2018. The result was declared after trading hours on Friday, 18 January 2020.
Consolidated EBITDA fell 12.37% to Rs 1,820 crore in 3QFY20 over 3QFY19. EBITDA margin stood at 20% in 3QFY20 compared with 22% in 3QFY19.
The quarter marked new highs in steel production & sales for JSPL. In a quarter where pricing was steeply down in October followed by demand-led recovery towards the latter part of the quarter, the company was able to market & sell unprecedented volumes.
JSPL, on a consolidated level, produced 2.11 million tonnes of steel & related products (up 19% from 1.77 million tonnes in 3QFY19) and sold 2.24 million tonnes of steel & related products (up 30% from 1.73 million tonnes in 3QFY19).
In terms of crude steel, for the consolidated entity, the company produced 2.03 million tonnes of crude steel on the consolidated level (up 21% from 1.68 million tonnes in 3QFY19) and sold 2.18 million tonnes of crude steel (up 32% from 1.65 million tonnes in 3QFY19).
Net debt for the quarter ending December 2019 was reported at Rs 35,457 crore (reduction of Rs 1,150 crore QoQ).
The slowdown in the economic activities along with the extended monsoon resulted in lower power demand during the quarter. Jindal Power Ltd (JPL) generated 1,900 million units in the reported December quarter as compared to 2,271 million units in Q2 September 2019 (2QFY20).
Jindal Steel and Power's segments majorly include iron & steel and power. It is also engaged in aviation services and machinery division. The company's product portfolio consists of steel product mix, construction solutions, and construction material and solutions.
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