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Jindal Steel & Power narrows fiscal Q1'18 losses

Jindal Steel & Power Ltd.'s loss after tax in the first quarter of fiscal 2018 shrunk to 4.21 billion Indian rupees, from a loss of 12.40 billion rupees in the year-ago quarter, the company said Aug. 8.

Turnover for the three months jumped 20% year over year to 61.27 billion rupees, while EBITDA surged 33% year over year to 13.53 billion rupees.

The company's steel production in the first quarter increased 6% to 1.3 million tonnes, and pellet output improved 8% to 1.7 million tonnes, on a yearly basis.

Quarterly sales of steel products increased 4% year over year to 1.2 million tonnes, while pellet sales fell 13% on a yearly basis to 610,000 tonnes.

Jindal Steel said it expects its newly commissioned 4-million-tonne blast furnace to ramp up to full capacity by the end of the financial year.

As of Aug. 8, US$1 was equivalent to 63.70 Indian rupees.