Private steel maker Jindal Steel & Power Ltd (JSPL) today reported widening of its consolidated loss at Rs 424.69 crore for the quarter ended on March 31, 2018 due to higher expenses and finance cost.
The private steel maker had posted a consolidated loss of Rs 100.01 crore in the year-ago period, the company said in a filing to BSE.
The company's consolidated income increased to Rs 8,599.28 crore in January-March 2018 over Rs 6,756.07 crore in January-March quarter of FY2016-17, the filing said.
Its expenses rose to Rs 8,493.57 crore in the last quarter of 2017-18 against Rs 7,074.10 crore in the year-ago period on increased excise duty and finance cost.
For the full 2017-18 fiscal, the steel maker posted a consolidated loss of Rs 1,615.50 crore against that of Rs 2,537.52 crore in the previous year.
Total income, however, increased to Rs 27,844.25 crore in 2017-18 from Rs 22,706 crore in the previous year.
On standalone basis, the company reported a Rs 145.08 crore profit during January-March 2018 against a standalone loss of Rs 116.09 crore during the same quarter a year ago.
The outlook for steel remains positive as both the demand and prices remain robust, internationally and domestically, the company said in a statement.
"As global economic situation strengthens, investment levels are set to rise across geographies. Further supported by the shutdowns and curtailments in China on back of environmental norms, these should provide support to the steel demand in the long run," it said.
Trade related barriers could lead to some weakening of the overall sentiment though lack of enough capacity as compared to existing demand in developed economies could make it largely unsustainable and uneconomical in the long run, it said.
Naushad Ansari, CEO, Steel Business, JSPL said, "Our PAT on standalone basis has turned positive after many quarters. We have Rs 145 crore PAT this quarter." The company's debt, Ansari said, has come down to Rs 42,000 crore from Rs 46,000 crore. The company looks to keep reducing its debt.
The consolidated steel production was at about 1.7 million tonnes in January-March 2018, a 32 per cent rise over the same quarter.
In Oman, Jindal Shadeed recorded its highest production of 0.46 million tonnes of crude steel during the said quarter as against 0.39 million tonnes in last quarter of 2017.
The company's mines at Mozambique produced 0.33 million tonne Run-of-mine (ROM) in last quarter of FY18. The Wongawilli mines in Australia continued their ramp up and produced 0.1 million tonne.
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