Jindal Steel and Power clocks multi-fold growth in Q2FY24 net profit at Rs 1,390 crore

1 Nov 2023 , 11:30 AM

Jindal Steel and Power Ltd reported a multi-fold increase in Profit After Tax (PAT) to Rs 1,390.10 crore for the September quarter, boosted by lower expenditures. The previous year’s PAT was Rs 219.27 crore, according to the company’s regulatory filing.

However, the company’s overall income fell to Rs 12,282.04 crore from Rs 13,521.88 crore a year before, while expenses fell to Rs 10,897.52 crore from Rs 12,569.10 crore. JSP added in a separate statement that it produced 1.90 MT of steel in the July-September quarter, up from 1.82 MT in the previous fiscal period, while sales were constant at 2.01 MT.

Coal output at the company’s Chirodzi mine in Mozambique fell to 1.11 MT, down from 1.16 MT previous year. JSP’s Kiepersol mine in South Africa produced 123 KT, up from 81 KT.

The Russel Vale mine in Australia produced 101 KT during the quarter, down from 150 KT. Wongawilli colliery is still being cared for and maintained.

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