Jindal Steel & Power Limited (JSPL) has released its financial results for the first quarter of 2013 of the present fiscal year and the second quarter of the calendar year with the 30% income increase.
According to the report, consolidated net profit for the quarter amounted to INR 5.01 billion (USD 82.5 million), against INR 3.85 billion (USD 63.4 million) in the same period last year.
The company improved its financial results on the back of higher export sales (220% up), decline in finished steel inventories(32% down year-on-year) and lower production and higher administrative costs.
Total turnover for the quarter decreased by 3.4% to INR 45.4 billion (USD 747.5 million) due to downturn in market prices by 10-15% from Q1 FY 2012.
The company's sales structure witnessed a minor change. Sales of steel products and pellets grew by 18% and 39% respectively, while power supplies dropped by 34%.
Despite impressive growth in earnings, the company felt pressure from weak domestic demand, the rupee devaluation and adverse economic conditions in the global market.
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