Jindal Steel Q3 profits jump, lower costs offset weak sales. india business news
Bengaluru: Steel Manufacturers Jindal Steel And power recorded almost four-fold growth in the third quarter Benefit As relaxation on Wednesday Cost offset the decline sale,
The company, which has steel, mining and infrastructure businesses, said its consolidated net profit after tax rose to 19.28 billion rupees ($232 million) in the three months to Dec. 31, from 5.18 billion rupees a year earlier.
Strong performance supported lower Profits from captive thermal coal mines come as raw material costs go down, it said in a statement. Its sales and services revenue fell 6.3% to Rs 137.56 billion.
Analysts had said Jindal Steel’s operational coal mines helped the company meet its thermal coal needs, which had to bear the brunt of higher costs of coking coal – a key steelmaking raw material – in the quarter.
Input costs fell 3% to Rs 48.06 billion in the December quarter.
Earlier this month, larger rival JSW Steel reported a five-fold rise in December-quarter profits on strong domestic demand.
Jindal Steel shares closed 1.5% higher ahead of the results.
The company, which has steel, mining and infrastructure businesses, said its consolidated net profit after tax rose to 19.28 billion rupees ($232 million) in the three months to Dec. 31, from 5.18 billion rupees a year earlier.
Strong performance supported lower Profits from captive thermal coal mines come as raw material costs go down, it said in a statement. Its sales and services revenue fell 6.3% to Rs 137.56 billion.
Analysts had said Jindal Steel’s operational coal mines helped the company meet its thermal coal needs, which had to bear the brunt of higher costs of coking coal – a key steelmaking raw material – in the quarter.
Input costs fell 3% to Rs 48.06 billion in the December quarter.
Earlier this month, larger rival JSW Steel reported a five-fold rise in December-quarter profits on strong domestic demand.
Jindal Steel shares closed 1.5% higher ahead of the results.
