Jindal Steel Q2 Outcomes: The steel sales crossed 2 million tonnes in the September quarterJindal Steel and Power (JSPL) announced its July-September quarter results for the fiscal year 2021-22, reporting a net profit of Rs 2,583 crore on a consolidated basis, compared to Rs 896.93 crore in the matching quarter in 2015, marking a development of around 189 percent year-on-year.
The company's net revenue increased three-folds in the September quarter driven by greater volumes and all-time high steel prices.The steel significant's total income from operations in the second quarter of the current financial stood at Rs 13,611 crore, compared to Rs 8,148.77 crore in the very same quarter in 2015, registering a development of 67 percent year-on-year.
The company's sales volume surged 32 per cent quarter-on-quarter and 10 percent year-on-year to hit a record of 2.13 million tonnes throughout the quarter, according to a regulative filing by Jindal Steel to the stock market today.
Jindal Steel's combined net debt decreased to Rs 11,164 crore in the September quarter, compared to Rs 15,227 crore in the preceding April-June quarter.At 2.13 million tonnes, the July-September quarter also marked the very first time Jindal Steel and Power's steel sales crossed 2 million tonnes quarterly volumes.
Jindal Steel recently received an extra 1MTPA consent to operate (CTO) for the Angul Blast heating system (CTO of 4.25 mtpa from 3.2 mtpa currently) raising its capability to 9.6 MTPA.The business was declared as the preferred bidder for Kasia Iron Ore Mine in Odisha.
Kasia Mine has a geological resource of 278 million tonnes of iron ore and includes an average Fe (iron) grade of around 62.5 per cent.On Tuesday, November 2, shares of Jindal Steel settled 2.82 per cent lower at Rs 418.90 each on the BSE.