New Delhi: Jindal Steel & Power today saw its consolidated net loss narrowing by 48 per cent to Rs 455 crore for the quarter ended December 2016.For latest news on Business, like us on Facebook and follow us on Twitter.
The Naveen Jindal-led firm had clocked a net loss of Rs 882 crore in the corresponding quarter in 2015-16. The turnover of the company saw a 25 per cent growth to Rs 5,408 crore during the quarter under review as against Rs 4,336 crore in the same quarter a year-ago. "We are heading towards a turnaround with a good performance," JSPL's Managing Director and CEO Ravi Uppal told
He further said buoyed by strong performance, the company will continue to focus on increased volumes of steel, improve product mix with a higher focus on high yield products, improve its product mix and increased production in all mines both in India and abroad which would enhance the revenues as well as the operating margins in the coming quarters.
The company said its consolidated steel production stood at 1.15 million tonnes, up 7 per cent from the corresponding quarter last fiscal while sales were up 18 per cent at 1. 16 MT.
The company said its consolidated net debt as on December 31, 2016 was maintained at similar levels as in the previous quarter. The consolidated debt of the company is about Rs 45,000 crore.
"JSPL remains committedto meet all its debt commitments and the Company is aiming to bring down the annual cash outflow in terms of repayments and interest by utilising various schemes provided by the government, including but not limited to 5/25 and S4A," JSPL said in a statement. For its overseas debt, the company isin constant discussions with its lenders to restructure and refinance its loans.
About Jindal Power Ltd (JPL) it said although a large part of the JPL capacity remained unutilised and the company took multiple steps to improve its operational performance including reduction of fuel cost, auxiliary consumption and selective sale of power to National Exchange to improve its financial performance.
"As a result of these measures, the EBITDA margin of JPL improved to 35 per cent in Q3 FY17 from 22 per cent in Q3 FY16," it said.
About global ventures, the company said Jindal Shadeed produced0.31 million tonnes of crude steel (as against 0. 29 million tonnes in Q3 FY16).
The rebar mill at Oman is progressively ramping up production and achieved its highest production of 0.14 million tonnes this quarter.
It said coal production in Mozambique which was resumed in early October has increased steadily to a level of 1.2 MTPA by the end of December 2016. The shares of the company closed at Rs 88.05 apiece on BSE today, down 0.51 per cent from its previous close.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)