JSPL Faces Unexpected Loss Amid Revenue Decline

Jindal Steel and Power Ltd reported a consolidated net loss of Rs 304 crore for the March quarter of FY2024-25, compared to a net profit of Rs 933 crore in Q4 of FY2023-24. The company's revenue decreased slightly, while steel production and sales saw an increase. The Board recommended a dividend of Rs 2 per share.

Jindal Steel and Power Ltd (JSPL) has announced a consolidated loss of Rs 304 crore for the March quarter of 2024-25. The firm, a key player in the steel sector, saw its gross revenue slightly dip compared to the same period last year, suggesting a challenging economic environment.

Despite the downturn in profits, JSPL recorded an increase in both steel production and sales, producing 2.11 million tonnes of steel, up from the previous year's 2.05 million tonnes. Sales figures also rose, with 2.13 million tonnes sold in comparison to last year's 2.01 million tonnes in the same quarter.

In a strategic fiscal maneuver, the Board of Directors recommended a final dividend of Rs 2 per share. This comes as the company's consolidated net debt reduced to Rs 11,957 crore. JSPL continues to focus on expansion, investing Rs 2,312 crore in projects at Angul during the quarter.

(With inputs from agencies.)