JSPL Q2 profit jumps manifold as tax liability, expenses fall

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₹1,390 crore in the September quarter due to lower tax liabilities and a fall in other expenses during the quarter. The Naveen Jindal-led company's consolidated net revenue, however, fell 9.2% to ₹12,282 crore in the quarter. “We are happy to see our coal mines finally starting.

Shipments from Gare Palma IV/6 are already being received at Raigarh. Our quarterly results are significantly up year on year with sales volumes sustained in a traditionally weak quarter. We expect the demand to be robust in the second half of the current fiscal as India continues to march to a different drumbeat," said Bimlendra Jha, managing director of Jindal Steel & Power, in a statement.

The company's other expenses fell to ₹3,943 crore in the second quarter of the current fiscal from ₹4,672 crore in the year-ago period. The company had incurred other expenses of ₹898 crore in the year-ago period and zero expenses in the quarter under review. Adjusted earnings before interest, tax, depreciation, and amortization (Ebitda) for Q2FY24 stood at ₹2,213 crore, a rise of 19% YoY and adjusted for ₹73 crore during the quarter.

The company’s net debt increased to ₹7,313 crore at the end of the September quarter from ₹6,812 crore at the end of the June quarter of the current fiscal year. Production and sales of steel for the company during the quarter stood at 1.9 million tonne, a 4% YoY rise, and 2.01 million tonne, respectively. Production and sales for pellets stood at 1.89 MT, an 8.69% fall, and 0.08 MT, respectively.