Jindal Steel & Power net profit down 68 per cent to Rs 518.67 crore
Jindal Steel & Power has reported a 67.91 per cent year-on-year (YoY) drop in consolidated net profit to Rs 518.67 crore in Q3FY23 on higher input cost and lower steel prices. In the year-ago period, profit was at Rs 1,616.67 crore.
Revenue from operations on a consolidated basis at Rs 12,452.44 crore declined by 0.57 per cent over the same period last year. A poll of analysts by Bloomberg had estimated revenues at Rs 13,105.9 crore and net income at Rs 1,004 crore.
On a standalone basis, the company recorded revenues of Rs 11,832.25 crore and a net loss of Rs 4,512.27 crore. The company said that it had created a provision of Rs 7,253 crore towards diminution in value of its investments in its wholly owned subsidiary, Jindal Steel & Power (Mauritius).
