Jindal Steel and Power Ltd (JSPL) on Wednesday reported 125 per cent jump in its standalone profit after tax of Rs 505 crore in the quarter ended June.
In Q1 FY20, it had reported a profit after tax of Rs 224 crore. The profit before tax in Q1 FY21 was Rs 663 crore, up 93 per cent from Rs 344 crore in Q1 FY20.
However, the gross revenue dipped 18 per cent to Rs 6,741 crore from Rs 8,203 crore in the same period.
The earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 14 per cent to Rs 1,828 crore in Q1 FY21 from Rs 1,608 crore in the same period of last fiscal.
"The quarter ending June may have been challenging, particularly for the steel and power sector as the world was reeling from a pandemic-induced recession and lockdowns to check the spread of Covid-19," said the company.
"But JSPL held its own and continued its growth momentum with increased steel volumes. JSPL's ability to adapt to the changing economic environment and pioneer innovation, especially when steel consumption was muted, was the key in the company reporting a growth quarter," it said in a statement.
The company reported steel (including pig iron) production of 1.67 million tonnes (up 8 per cent quarter-on-quarter) and sales of 1.56 million tonnes (up 12 per cent). JSPL clocked exports of 0.9 million tonnes in Q1 FY21.
The production of pellets was 1.87 million tonnes with external sales of 0.83 million tonnes.
At the same time, improved coal availability in the quarter ending June helped the company generate 2,179 million units in Q1.
The Ministry of Coal launched an auction process of coal blocks on June 18 for commercial mining on revenue sharing model without any end-use restriction for 41 coal blocks. A number of coal blocks offered for auction are located in Chhattisgarh and Odisha.
"This will help to increase the availability of coal and further relieve the pressure on pricing," said JSPL.
JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors.
Having an investment of 12 billion dollars across the globe, the company says it is continuously scaling its capacity utilisation and efficiencies to capture opportunities for building a self-reliant India.
( With inputs from ANI )