Jindal Steel and Power today reported a 35 percent decline in its Q3FY14 consolidated net profit to Rs 561.57 crore versus Rs 867.27 reported in the corresponding period of the previous fiscal.
Sharing views on the company’s financial performance, MD and CEO Ravi Uppal said, “PAT has not been as good as we had in Q3 last year, reason being that we have the additional load of interest and depreciation plus the price realisation has not been as good as we had last year.”
He further added that the company’s total steel production increased by 10 percent in Q3FY14 compared to the same quarter last year and about 6.5 percent compared to the last quarter.
JSPL exported nearly 410 thousand tonne steel in the first nine months of the year, which is nearly 51 percent more than the steel exported in the same period last year.
“As far as pallets are concerned, the export is of more recent origin and in this country the pallets which are being exported are less than 1 percent of the total capacity of pallets in the country,” he added.
Also Read: Don't expect high RoE from TN, Odisha UMPP, says Jindal Power
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