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Jindal Steel & Power swings to fiscal Q1'19 profit

Jindal Steel & Power Ltd. booked consolidated net profit of 1.10 billion Indian rupees in the first quarter of its fiscal 2019, a swing from a net loss of 4.21 billion rupees a year earlier, according to an Aug. 10 release.

Revenue in the period soared 71% to 96.65 billion rupees, and EBITDA jumped 68% to 22.77 billion rupees.

The company's production of steel increased 31% to 1.65 million tonnes with pellet production rising by 4% to 1.76 million tonnes. Steel sales jumped 40% to 1.61 million tonnes, while pellet sales rose 37% to 830,000 tonnes.

The Indian company said in May that it was targeting to slash its 420 billion rupee debt by 50% in the next three years via higher internal accruals and the sale of certain foreign assets.

As of Aug. 10, US$1 was equivalent to 68.99 Indian rupees.