India’s Jindal Steel and Power Limited (JSPL) has reported a consolidated net profit of INR 19.82 billion ($238.50 million) in the third quarter (October-December) of the fiscal year 2023-24, up 272 percent year on year, a company statement said on Thursday, February 1.
The company reported a total revenue of INR 117.36 billion ($1.41 billion) during the quarter, up nine percent over the corresponding quarter of the previous fiscal year.
It saw an improvement in net sales realisations supported by lower raw material costs, with benefits from captive thermal coal mines in India materialising during the quarter, but the benefits were partly offset by lower volume sales during the quarter, the company said.
Production was reported at 1.94 million mt, down six percent, and sales at 1.81 million mt registered a decline of five percent during the third quarter, year on year.
Of total sales, exports accounted for three percent, down from five percent in the previous quarter, it added.