Jindal Steel and Power (JSPL) reported a consolidated net loss of Rs 1,082.15 crore for the quarter ended June 30, 2016 against net loss of Rs 542.42 crore in the same quarter last year. However, consolidated total income from operation of the company 5.67 per cent year-on-year to Rs 4655.45 crore for the quarter under review against Rs 4405.73 crore in the same quarter last fiscal.
For April-June period, consolidated total expenditure of JSPL jumped to Rs 4588.48 crore against Rs 4392.68 crore in the same period last year.
On a standalone basis, the company reported a net loss of 276.65 crore against net loss of Rs 371.37 crore in the same quarter a year ago. Standalone total income from operations of Jindal Steel stood almost flat at 3123.50 crore. It had reported a standalone total income from operations of Rs 3126.16 crore in the same quarter last year.
In a BSE filing, JSPL said, “The quarter ended June 30, 2016 saw tepid growth in domestic steel demand (0.4 per cent yoy), which under paced the production ramp up during the quarter. JSPL introduced several high value grade steels during Q1 for the automotive, rail and defence segments. For Q1FY17, JSPL on a consolidated level produced 1.19 mt (up 8 per cent yoy) and sold 1.11 mt (as compared to 1.07 mt in Q1FY16).”
Shares of the company closed 1.88 percent up at Rs 86.55 on Thursday (September 8). In the past one year, shares of the company jumped by 41.58 per cent to Rs 84.95 till September 7, whereas BSE Sensex gained 16.20 per cent during the same period.