JSPL net profit at Rs 2,771 crore in June quarter on higher income

Jindal Steel and Power Limited (JSPL) on Friday reported a multifold jump in consolidated net profit to Rs 2,770.88 crore for the quarter ended June, 2022, on account of higher income. The company’s “total profit” was at Rs 14.25 crore in the April-June period of 2021-22, JSPL said in a BSE filing.

During the quarter under review, its total income rose to Rs 13,069.17 crore from Rs 10,643.17 crore a year ago. Expenses were also higher at Rs 10,566.64 crore as against Rs 7,233.55 crore in the year-ago period.

According to the filing, “Shallu Jindal, non-executive director, has, in view of her pre-occupation and other commitments, decided to step down from the directorship of the company w.e.f. close of business hours on July 15, 2022.” 

The board also approved the appointment of Ramkumar Ramaswamy and Sunil Kumar Agrawal as additional directors in the category of executive directors of the company with immediate effect. 

In a separate statement, the firm said its output of steel remained almost flat at 1.99 million tonne (MT) as compared to 2.01 MT in April-June 2021. The sale of steel stood at 1.74 MT against 1.61 MT a year ago.