Jindal Steel Q2 results: PAT surges more than six-fold to Rs 1,390 crore
The company's costs fell 13%, helped by a drop in costs of iron ore and metallurgical coal, the two main raw materials used in making steel
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The company's costs fell 13%, helped by a drop in costs of iron ore and metallurgical coal, the two main raw materials used in making steel
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Indian steelmaker Jindal Steel and Power reported a higher-than-expected second-quarter profit on Tuesday, helped by a drop in raw material costs.
Consolidated net profit after tax surged more than six-fold to 13.90 billion rupees ($167 million) in the quarter, beating analysts' average estimate of 10.99 billion rupees, according to LSEG data.
"(The) strong performance was driven by a sharp reduction in costs, which offset seasonally weak pricing environment during the quarter", the New Delhi-based company said in a statement.
The company's costs fell 13%, helped by a drop in costs of iron ore and metallurgical coal, the two main raw materials used in making steel.
Earlier this month, JSW Steel reported a second-quarter profit, boosted by strong demand and lower input costs.
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First Published: Oct 31 2023 | 6:30 PM IST