Jindal Steel and Power will double its steel making capacity at Angul in Odisha to 12 millionNet profit of Jindal Steel And Power Limited (JSPL) jumped 23 times to Rs 1,900.51 crorein the January-March quarter of the fiscal year 2020-21 on a consolidated basis, compared to Rs 82.13 crore in the same quarter of the previous fiscal.
The growth in profit was majorly driven by better steel prices, lower interest expense and stronger sales of the firm in the exports market.
Jindal Steel and Power said thatit willdouble its steelmaking capacity at Angul in Odisha to 12 million tonnes per annum.According to a regulatory filing by the company to the stock exchanges, Jindal Steel and Power's total revenue from operations during the March quarter stood at Rs11,880.61 crore, compared to Rs6,795.18 crore in the corresponding quarter of the previous fiscal year.On Wednesday, May 12, shares ofJindal Steel And Power Limited settled 4.19 per cent lower at Rs 456.70 apiece on the BSE.