Jindal steel and Power (JSPL) narrowed its net loss on consolidated basis to Rs 455 crore for the October-December quarter of the current fiscal from Rs 882 crore in the year-ago period on higher sales and Ebitda from both steel and power businesses.
While its sales turnover improved by 25% to Rs 5,408 crore during the third quarter of the current fiscal, its Ebitda (earnings before interest, tax, depreciation and amortisation) went up by 136% to Rs 1,277 crore from Rs 542 crore during the same period last fiscal. Consolidated steel production stood at 1.15 million tonnes, up 7% Year-o-Year and while sales were at 1.16 million tonnes, up 18% YoY.
Higher depreciation and amortisation along with increased interest outgo have dented the bottom-line of the company. Depreciation and amortisation for the third quarter stood at R1,027 crore vis-a-vis Rs 995 crore a year earlier. On consolidated basis, its interest outgo stood at R835 crore compared with R806 crore in the October-December quarter last fiscal.
In a statement, the company, having a R45,600 crore net debt, said it remains committed to meet all its debt commitments and is aiming to bring down the annual cash outflow in terms of repayments and interest by utilising various schemes provided by the government. JSPL had earmarked certain assets to sell off for partially repaying its debt but the process got stuck up over valuation issues.