Indian steelmaker Jindal Steel and Power Ltd (JSPL) has issued its consolidated financial results for the financial year 2015-16 ended March 31.
In the given financial year, JSPL registered a net loss of INR 19.99 billion ($300.67 million), compared to a net loss of INR 14.55 billion in the previous financial year. JSPL’s sales revenues totaled INR 184.12 billion ($2.77 billion), down by six percent year on year, while its EBITDA declined to INR 34.83 billion ($523.91 million), compared to the EBITDA of INR 56.67 billion recorded in the previous year.
According to JSPL's statement, during the year in question its steel production increased by 24 percent to 4.5 million mt, while its steel sales rose by 30 percent to 4.4 million mt, both compared to the previous financial year.
JSPL stated that it aims to fully utilize its consolidated steel capacities of 6.75 million mt per year in the financial year 2016-17. With the recent increases in steel prices on the back of the rise in global steel prices and Indian government support through the minimum import price (MIP) for steel, JSPL is looking to improve its net sales realization substantially during the year and generate higher EBITDA. JSPL also stated that the ramp-up of its Oman rebar mill and the commissioning of its Angul rebar mill should further help increase these realizations.