JSPL reports Rs 110 crore net profit in Apr-Jun quarter

Naveen Jindal-led JSPL today reported a consolidated net profit of Rs 110 crore for the quarter ended June 30, 2018.

The private steel maker had suffered a consolidated net loss of Rs 421.43 crore in the corresponding quarter of the preceding fiscal.

Total income during April-June 2018 rose to Rs 9,665.35 crore from Rs 6,126.61 crore in the year-ago period.

Total expenses were at Rs 9,401.68 crore, higher from Rs 6,636.71 crore in the year-ago period.

On a standalone basis, the company clocked a profit of Rs 332.24 crore in the reported quarter. It posted a loss of Rs 177.73 crore in the year-ago period.

In a statement, JSPL which is one the top six steel makers in India said, "The company has reported a consolidated quarterly profit after 14 loss-making quarters, after reporting a net profit on a standalone basis in fourth quarter 2017-18 after 13-successive loss-making quarters."
N A Ansari, Chief Executive Officer (CEO) JSPL said, "With the 6 MTPA integrated steel plant at Angul tracing the planned ramp-up blueprint, we are confident of setting new production and sales bench marks with every passing quarter."