Jindal Steel & Power Ltd (JSPL), on Tuesday, posted profit after tax (PAT) of Rs 466 crore for the March quarter. This is 69.4 per cent fall from Rs 1,527 crore a year ago, the company statement said.
The company’s consolidated gross revenue down by 1.9 per cent to Rs 15,781 crore for the March quarter as compared to Rs 16,089 crore in the year-ago period.
In a regulatory filing, Jindal Steel and Power said, “The board of directors considered and recommended final Dividend for the financial year 2022-23@200%, i.e., Rs 2/- per equity share of face value Re 1/- each, out of the profits of the Company for the financial Year 2022-23, which shall be paid, subject to the approval of the shareholders in the ensuing Annual General Meeting and other authorities, wherever required.”
Shares of Jindal Steel & Power on Tuesday ended 2.66 per cent lower at Rs 560.20 on BSE.
India's steel industry, already grappling with a slump in prices, was also hit with an export tax on certain steel intermediaries last year, which was withdrawn in November.
"Rebar prices moved strongly during the first half of the quarter but corrected sharply in the second half. However, key raw materials, especially iron ore remained elevated through the quarter" the company also added in a statement The company's consolidated expenses from depreciation and amortization more-than-tripled to Rs 873 crore in the quarter.
Weak steel prices and falling demand in Europe also weighed on bigger rival Tata Steel, which reported a 83% fall in its quarterly profit earlier in the month.
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However, Jindal Steel said exports accounted for 11 per cent of total standalone sales volume in the quarter, as compared to 5 per cent in the previous quarter.
(With inputs from Reuters)
(With inputs from Reuters)
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