Indian steelmaker Jindal Steel and Power reported an almost four-fold rise in third-quarter profit on Wednesday, as easing costs offset a fall in sales.

 

The company, which has steel, mining and infrastructure businesses, said its consolidated net profit after tax increased to Rs 1928 crore ($232 million) in the three months to Dec. 31, from Rs 518 crore a year ago.

 

The robust performance was supported by lower raw material costs as benefits from captive thermal coal mines materialised, it said in a statement. Its sales and services revenue fell 6.3% to Rs 13756 crore

 

Jindal Steel’s commissioned coal mines helped the company meet its thermal coal needs, offsetting the brunt of higher costs of key steelmaking raw material – coking coal in the quarter, analysts had said.

 

Input costs fell 3% to Rs 4806 crore in the December quarter.

 

Earlier this month, larger rival JSW Steel reported a five-fold rise in December-quarter profit on strong domestic demand.

 

Shares of Jindal Steel had settled 1.5% higher ahead of results.

 

First Published: Jan 31 2024 | 9:56 PM IST