Jindal Steel and Power turns a profit

August 09, 2018 10:01 pm | Updated 10:01 pm IST

Jindal Steel and Power Ltd. posted its first profit in 15 quarters on Thursday and beat analysts’ estimates, helped by higher iron and steel sales.

Net profit was ₹1.81 billion ($26.37 million) in the quarter ended June 30, compared with a loss of ₹3.87 billion a year earlier. Analysts were expecting a profit of ₹1.33 billion, according to Thomson Reuters I/B/E/S.

Jindal Steel and Power’s steel sales rose 40% in the quarter to 1.61 million tonnes, the company said. While global growth outlook for steel remained robust, the U.S.- China trade spat poses some risk, the company added.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.