Jindal Steel and Power Limited (JSPL) on Tuesday reported a ten-fold increase in its consolidated profit in its regulatory filing. The consolidated net profit stands at Rs. 2,515.71 crores as opposed to ₹235.71 crores in 2020.
The total income of the company was reported to be Rs.10.643.17 crores as compared to Rs. 6,519.27 crore in last year.
“Continued cash generation, declining finance cost, lower CAPEX, and debt associated with JPL moving out of JSPL’s consolidated books have all contributed to continued deleveraging in 1QFY22. Consolidated net debt has declined further to ₹15,227 crores in 1QFY22 (from ₹22,146 crores in March 2021). Conclusion of JPL divestment (now accounted as an asset held for sale) will result in net debt declining further, taking JSPL a step closer to its vision of becoming a Net Debt-free company,” JSPL said in its filing.
JSPL also reported an increase in net revenue. In the June quarter, the company gained a net revenue of 10,609.50 crores as against ₹6,517.52 crores last year.
According to LiveMint, Jindal Steel and Power produced 2.01 million tonnes of steel, a record high, and 2.16 million tonnes of pellets during the June quarter. The company sold 1.61 million tonnes of steel, against 1.56 million tonnes in the year-ago period. Pellets sales during the quarter stood at 0.40 million tonnes against 0.83 million tonnes.
