JSPL posts multifold jump in net profit to Rs 2,516 cr in Jun quarter

 Jindal Steel and Power Ltd (JSPL) on Tuesday said its consolidated net profit jumped over 10 times to Rs 2,516 crore during the June 2021 quarter.

The company's "net profit after tax from continuing operation" during the April-June 2020 quarter had stood at Rs 236 crore, JSPL said in a regulatory filing.

Its total income in April-June 2021 also jumped to Rs 10,643.17 crore, from Rs 6,519.27 crore in the year-ago period.

Total expenses stood at Rs 7,233.55 crore, higher as compared with Rs 6,147.90 crore a year ago.

JSPL in a statement said that during the June 2021 quarter, it produced 2.01 million tonne (MT) steel; higher from 1.67 MT in April-June of the preceding fiscal year.

While the sales stood at 1.61 MT, compared with 1.56 MT a year ago.

"Continued cash generation, declining finance cost, lower capex (capital expenditure) and debt associated with JPL (Jindal Power Ltd) moving out of JSPL's consolidated books have all contributed to continued deleveraging in 1QFY22.

"Consolidated net debt has declined further to Rs 15,227 crore in 1QFY22 from Rs 22,146 crore in March 2021," it said.

JSPL has been able to post a resilient set of numbers in the first quarter despite adverse market conditions due to the second wave of COVID-19 and ensuing lockdowns.

Sharing details of its offshore businesses, JSPL said that in Mozambique, the company's Chirodzi mine produced 938 kilotonnes run of mine (KT ROM), registering a year-on-year jump of 42 per cent.

During the first quarter, its Kiepersol mine in South Africa produced 148 KT ROM.

While Russell Vale mine in Australia is now ready to start production and awaiting the final go-ahead from the regulatory authorities, Wongawilli colliery continues to remain under care and maintenance.

Part of the O.P. Jindal Group, JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors.

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