Jindal Steel and Power (JSPL) today said its consolidated loss narrowed to Rs 100 crore in the quarter ended March 31, 2017, on the back of higher income. The company had posted consolidated a loss of Rs 635.8 crore in the year-ago period, JSPL said in a filing to BSE.
JSPL's consolidated total income during January-March period increased to Rs 6,765.07 crore, over Rs 5,549.84 crore in the corresponding quarter of previous fiscal.
Ravi Uppal, MD & CEO, JSPL is confident of delivering at least EBITDA per tonne of Rs 10,000/tonne or even improve in FY18. With the commissioning of Angul plant the cost of production would come down, he said.
For the quarter gone by, the company delivered an EBITDA/tonne of Rs 10,000/tonne versus Rs 6800/tonne in Q4FY16.
He also expects higher domestic steel sales in FY18 to the tune of 6 million tonnes as compared to FY16 sales of 4.66 million tonnes.
From the 2 million tonne capacity in Oman, the company hopes steel sales would be to the tune of 1.7 million tonnes. Therefore, on a consolidated basis the company hopes to sell 7.5-7.8 million tonnes in FY18, said Uppal.
Talking about the power business, he said only about 35 percent of the capacity is being utilised out of the total 3400 MW. They are eagerly waiting for the demand to rise, he said.
In term of coal production, he said they are targeting 1,50,000 to 2,50,000 tonne of production from Mozambique and around 150,000 to 1,75,000 tonne from Australia.
On the capex front, he said they need an investment of Rs 1200 crore to finish Angul project and Rs 700-800 crore for maintenance. So they plan not exceed Rs 2000 crore in terms of capex in FY18, he added.
For the entire interview, watch video
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