Jindal Steel and Power loss in Q2 falls to Rs 498 cr from Rs 746 cr
Jindal Steel and Power (JSPL) narrowed its consolidated net loss to Rs 497.6 crore for the three months ended September 30 from a net loss of Rs 746 crore in the corresponding period last year. The company’s consolidated revenues stood at Rs 6,123 crore, a rise of about 22% Y-o-Y, while the EBITDA (earnings before interest, tax, depreciation and amortisation) grew 62% to Rs 1,373.4 crore. The EBITDA margin also came in higher by 500 basis points at 22% during the quarter.
The loss per share during the reviewed quarter was Rs 2.79, about 42% lower than analysts’ estimates. “The company remains focused on bringing down debt and is on track to further improve its net debt to EBITDA,” the company said in a statement. JSPL’s debt has fallen by about `900 crore quarter-on-quarter to Rs 45,000 crore.
Impeded by coal shortage, Jindal Power generated 2,427 units in the quarter, down 24% year-on-year. This led to plant load factors (PLFs) at its plants falling 5 percentage points to 32%. Nevertheless, the company’s revenue from the power segment, which included captive power operations, inched up 4% to Rs 1,430 crore, buoyed by higher electricity prices in spot markets.