Jindal Steel & Power on Tuesday posted a nearly 70% decline in its consolidated net profit to Rs 465.66 crore for the March quarter of FY23 due to higher expenses.
The company had clocked Rs 1,527.04 crore 'net profit after tax from continuing operation' during the January-March quarter of FY22, Jindal Steel & Power said in a BSE filing.
The company's total income during the quarter fell to Rs 13,707.69 crore from Rs 14,341.91 crore in the year-ago period.
Total expenses surged to Rs 12,748.70 crore as against Rs 11,914.31 crore.
In a separate statement, Jindal Steel & Power said it has reduced its net debt by Rs 1,923 crore during the financial year 2023, and its consolidated net debt as of March 31, 2023, stood at Rs 6,953 crore.
MD Bimlendra Jha said, "Our balance sheet is the strongest amongst the large integrated steel players in India and our leverage ratios are also amongst the lowest compared to the large integrated steel players in India despite a volatile macro environment."
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