Jindal Steel's Profits Dip Amid Rising Expenses but Expansion Moves Ahead
Jindal Steel reported a notable decrease in net profit by over 26% for the September quarter due to rising expenses, despite an increase in total income. The company continued its expansion projects in Angul, commissioning significant installations to boost steel production, alongside reducing net debt.
- Country:
- India
In its latest financial report, Jindal Steel announced a decline in consolidated net profit by over 26% to Rs 635.08 crore during the September quarter, attributing the drop to increased expenses.
Despite this, the company's income rose to Rs 11,707.82 crore, marking an improvement from the previous year's corresponding quarter. Total expenses surged to Rs 10,725.55 crore, reflecting heightened operational costs.
Amidst these financial shifts, Jindal Steel progressed with its expansion projects in Angul. It successfully commissioned the country's second-largest blast furnace and introduced a new Basic Oxygen Furnace, showcasing commitment to long-term growth and efficiency in steel production.
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