India’s Jindal Steel and Power Limited (JSPL) has reported a consolidated net profit of INR 13.9 billion ($166.89 million) in the second quarter (July-September) of the fiscal year 2023-24, up 534 percent over the corresponding quarter of the previous fiscal year, a company statement said on Wednesday, November 1.
The company reported a net revenue of INR 122,82 billion ($1.47 billion) in the given period, down 9.2 percent year on year.
The company attributed the surge in profits amid the decline in net revenue to lower tax liabilities and a reduction in costs.
Production of steel by the company during the quarter stood at 1.9 million mt, up four percent year on year, and sales came to 2.01 million mt, unchanged year on year.
The statement said that JSPL has started production at the Gare Palma IV/6 captive coal mine in Chhattisgarh, with reserves of 167 million mt, and this is expected to support the proposed expansion of its Raigarh integrated steel plant to a capacity of 9.6 million mt per year from the existing 3.6 million mt per year.
The company said that it plans to increase its crude steel capacity to 12.9 million mt per year by the end of the current fiscal year and further to 15.9 million mt per year by the next fiscal year.