INSUBCONTINENT EXCLUSIVE:
Jindal Steel and Power Limited's third quarter profit fell due to rising expensesNew Delhi: Jindal Steel - Power Limited (JSPL) on Tuesday
reported a 27.2 per cent drop in consolidated profit at Rs 1,866.08 for the quarter ended December 2021 owing to higher expenses.The company
had posted a consolidated profit of Rs 2,566.68 crore in the corresponding period of the previous fiscal, Jindal Steel - Power said in a BSE
filing.However, the consolidated income of the company during the October-December period increased to Rs 12,535.35 crore, over Rs 9,643.88
crore in the year-ago period.In a statement, the company said that its "consolidated profit after tax (PAT) of Rs 1,622 crore fell by 34 per
cent year on year (Y-o-Y) due to lower operating profit and higher tax expense".While the third quarter of 2021-22 witnessed a sharp
improvement in domestic demand on a sequential basis, the quarter continued to be marred by unseasonal rains, lack of railway rakes and
muted demand amidst rising Covid-19 cases.Steel demand in India registered a 7 per cent Y-o-Y fall in the third quarter of ongoing
fiscal.The company sold more domestically this quarter, reflecting the industry trend
government's infrastructure push in the recent budget, increased rake availability and rising private capex should further boost domestic
This bodes well for the company with two-thirds of its product portfolio catering largely to country's construction and infrastructure
sector.On the outlook, the company said that the domestic steel industry, however, continues to grapple with the sharp rise in the coking
