Jindal Steel and Power turns a profit

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.