JSPL reports ₹ 399 crore consolidated net loss in Q2

Jindal Steel and Power Limited has reported a ₹ 399.31 crore consolidated net loss for the second quarter of financial year 2019-2020. The company had reported a consolidated profit of ₹ 279.17 crore for the quarter ending September 30, 2018.

Total income for the JSPL group declined to ₹ 8,939.47 crore in the quarter under review from ₹ 9,982.25 in the corresponding quarter of the previous financial year.

“Though the quarter was due to be the weakest given the monsoon season, further weakened by the muted economic growth in the country; products like Rails, Structures, Plates and other such value added products helped the company partially offset the steep fall in prices and profitability during the reported quarter,” a company statement said.