Jindal Steel & Power (JSPL) has reported a consolidated net profit of Rs 1,928 crore for the third quarter of FY24, marking an impressive gain of 272 percent compared to the same period last year. The company attributed this significant increase to recent price hikes and improved realizations, benefiting from a robust domestic demand environment. In the corresponding quarter of FY23, JSPL had posted a consolidated net profit of Rs 518 crore.
Despite a 5.9 percent decline in consolidated net revenue to Rs 11,736 crore in the October-December quarter due to lower volumes, the Naveen Jindal-led company saw a 38.7 percent jump in net profit on a sequential basis, even as revenue fell by 4 percent.
On a standalone basis, JSPL reported a net profit of Rs 1,484 crore in Q3, a noteworthy turnaround from the loss of Rs 4,512 crore reported in the same quarter last year. The gross revenue for the quarter stood at Rs 13,485 crore, reflecting a 3 percent decrease from the previous year. The company attributed its robust performance to improved net sales realization supported by lower raw material costs, with benefits from captive thermal coal mines in India starting to materialize. However, lower volumes during the quarter partly offset these gains, as mentioned in a statement by the company.
