New Delhi, May 25 (PTI) Jindal Steel and Power Ltd (JSPL) on Monday reported a consolidated net profit of Rs 305.62 crore during the quarter ended March 31, 2020.
The company had posted a net loss of Rs 2,713.34 crore in the year-ago quarter, JSPL said in a BSE filing.
However, its total income during the quarter under review was lower at Rs 8,835.23 crore as against Rs 10,158.95 crore in the same period a year ago.
Total expenses stood at Rs 8,355.48 crore in March 2020 quarter as compared with Rs 11,850.61 crore in the corresponding period of the preceding fiscal.
In a separate statement, the company said it produced 2.11 million tonnes (MT) of steel, including pig iron, in January-March 2020, up 5 per cent from 2.01 MT in the year-ago quarter.
It sold 1.93 MT steel during the quarter as compared with 1.98 MT in the year-ago period.
On impact of COVID-19, JSPL said “it has been nimble and agile in these uncertain times, changing its business model to market and sell its steel products in overseas markets more than domestic markets.”
The company said it had envisioned supply chain disruptions well before the lockdown was announced, and accumulated raw materials like coking coal and iron ore to tide over anticipated disruptions.
The government imposed a nationwide lockdown on March 25 to prevent spread of the coronavirus pandemic which has impacted production, demand and supply of steel in India.
The company shifted focus towards securing export orders to ensure continuous operation of its plants, it said.
JSPL, a part of the OP Jindal Group, has presence in steel, power, mining and infrastructure sectors.