New Delhi, Aug 9, The Naveen Jindal-led Jindal Steel and Power Ltd (JSPL) on Tuesday announced a reduction in its consolidated loss to Rs 420.4 crore for the first quarter of the current fiscal ended June on the back of better operational performance.
JSPL had reported a consolidated loss of Rs 1,238 crore for the corresponding quarter of 2016-17.
The company said in a release here that its consolidated total income increased to Rs 6,126.6 crore during the quarter in consideration, from Rs 5,124.7 crore in the same quarter a year ago.
It also said the company has commissioned its 4 million tonne (MT) blast furnace in Angul in Odisha during the ongoing quarter.
"Its production will gradually ramp up and is expected to reach its full potential by the end of the current financial year. Consequently, the volume of steel produced and delivered by JSPL is expected to double its volume of Q1 by the end of this year," JSPL said.
"Financial year 2018, therefore, is expected to emerge as a turning point for JSPL steel business," it added.
In the company's power business, the revenue for the first quarter increased by 62 per cent, compared to the same quarter last year, the statement said.
JSPL stock closed on Tuesday at Rs 139.70 a share, down Rs 3.65, or by 2.55 per cent, on its previous close on the BSE.