JSPL back in black in Q3 as steel prices zoom

Jindal Steel and Power Ltd (JSPL) said on Thursday it continues to benefit from improving operating and financial leverage with consolidated profit af ter tax at Rs 2,432 crore in the quarter ended December 2020 versus loss of Rs 257 crore in 3Q FY20.

The strong per formance in Indian steel as well as power business in 3Q FY21 helped the company report consolidated gross revenue of Rs 11,704 crore, up 39 per cent year-on-year and earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 4,252 crore as compared to Rs 1,574 crore in 3Q FY20.

"JSPL continues to strengthen its balance sheet with net debt reducing further by Rs 3,289 crore during the quarter (Rs 10,298 crore in 9M FY21)," it said in a statement. As on December 2020, JSPL reported consolidated net debt of Rs 25,621 crore.

During 3Q FY21, JSPL standalone reported highest ever steel production volumesat 1.93 million tonnes (up 20 per cent).