Naveen Jindal-led Jindal Steel & Power swung to profits at Rs 1.10 billion in the June quarter on the back of higher revenues even as expenses mounted considerably on a year-on-year basis.
The company had reported a consolidated net loss of Rs 4.20 billion in the corresponding period last year. The company has reported a consolidated quarterly profit after 14 loss-making quarters, it said in a statement. Net sales of the Delhi-based steel producer stood at Rs 96.02 billion in the period under review, up 34 per cent from the same period last year on better realisations.
“The outcome of 3 years of hard work is evident from the results. With the 6 million tonne integrated steel plant at Angul tracing the planned ramp-up blueprint, we are confident of setting new production and sales benchmarks with every passing quarter,” Chief Executive Officer N A Ansari was quoted as saying. Read More
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