India’s Jindal Steel and Power Limited (JSPL) has reported a net profit of INR 12 billion ($154.58 million) for the fourth quarter (January-March) of the fiscal year 2021-22, a decline of 65 percent year on year, a regulatory filing of the company said on Tuesday, May 31. Gross revenue for the period was reported at INR 156.09 billion ($2.01 billion), up 33 percent year on year.
According to the company, the net profit declined due to a write-off taken for mining investment and assets, expenses related to water charges for a previous year, and the relinquishment of a power agreement.
JSPL reported its highest-ever steel production during the quarter, with 2.111 million mt, up two percent year on year, and has announced a steel production guidance of 8.5-9 million mt for the fiscal year 2022-23.