JSPL Q2 results: Reports consolidated net loss of Rs 706 crore
Mumbai: Jindal Steel & Power Ltd posted a net loss of Rs 706 crore in the quarter ended September 30, against a net loss of Rs 399 crore in the year-ago period, the company said on Friday.
Excluding its discontinued Oman assets, the company posted a consolidated net profit of Rs 903.30 crore, against a net loss of Rs 321 crore last year, as steel prices rose, and sales as well as domestic demand returned in India.
The company said it had successfully completed the first tranche of its divestment in the Oman subsidiary by selling 48.99% to the acquirer.
In June, JSPL said that Jindal Steel & Power (Mauritius) Ltd had accepted a binding offer from Templar Investments Ltd to divest its entire stake in Jindal Shadeed Iron and Steel Co LLC (JSIS Oman). The enterprise value of the deal was pegged at more than $1 billion.
