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Jindal cuts Q2'17 loss to 7.47B Indian rupees

Jindal Steel & Power Ltd. recorded consolidated loss after tax for the second quarter of fiscal 2017 of 7.47 billion Indian rupees, compared to a loss after tax of 9.86 billion rupees in the same year-ago quarter, the company said Dec. 8.

The depreciation and amortization charge for the quarter totaled 9.99 billion rupees, higher than the year-ago charge of 8.44 billion rupees.

The turnover in the three months totaled 46.66 billion rupees, down from 47.36 billion rupees in the prior-year period,

EBITDA in the second fiscal quarter totaled 8.48 billion rupees, compared to 10.02 billion rupees a year ago, on the back of lower realizations.

Jindal's steel product sales improved 12% year over year to 1.08 million tonnes, while external sales of pellets, excluding Oman, jumped 83% year over year to 730,000 tonnes.

The company's steel production in the second fiscal quarter increased 13% to 1.16 million tonnes, while pellet production jumped 28% to 1.61 million tonnes, on a yearly basis.

As of Dec. 8, US$1 was equivalent to 67.42 Indian rupees.