Jindal Steel and Power Faces Profit Slump Amid Revenue Challenges

Jindal Steel and Power Ltd reported a 38% drop in its net profit for the September quarter, citing lower revenues as the key factor. While steel production rose slightly, sales volumes declined. The company's net debt and capital expenditure rose as it pursued expansion projects in Angul.

Jindal Steel and Power Ltd (JSPL) has announced a significant 38% decline in its consolidated net profit for the September quarter, attributing the slide to reduced revenue generation.

The company's net profit dipped to Rs 860 crore, a decrease from Rs 1,390 crore reported for the corresponding period ending September 2023. Gross income also dropped to Rs 13,025 crore.

Despite an increase in steel production to 1.97 million tonnes, sales fell to 1.85 million tonnes. Net debt rose to Rs 12,464 crore, with capex largely focused on Angul expansion projects.

(With inputs from agencies.)