Cost cutting helps JSPL narrow losses to Rs 407 cr

Lower conversion and material costs and overhead expenses reduced the third-quarter consolidated net loss of Jindal Steel and Power Ltd (JSPL) by more than half to Rs 407.44 crore. The company recorded higher volumes and better price realisation during the quarter.

JSPL had posted a net loss of Rs 869.73 crore in the October-December quarter of 2015-16. Total income increased to Rs 5,407.87 crore during the quarter from Rs 4,336.05 crore in the same period a year ago.

“We made an effort to cut our conversion and material costs and also reduced our overheads,” Ravi Uppal, managing director and group chief executive