India’s Jindal Steel & Power Ltd (JSPL) reported a sharp drop in net profit for the financial year ending March 31, 2025 (FY25), according to its latest financial statement.
While revenue declined marginally by 0.5pct YoY to INR 49,932 crore (USD 5.88 bln), the company’s profit after tax fell significantly by 52.1pct to INR 2,846 crore (USD 335.6 mln).
Production rose by 2.5pct YoY to 8.12 mln tons, and sales increased by 3.9pct to 7.97 mln tons. However, exports made up just 6pct of total sales in FY25, down from 9pct in the previous year.
JSPL posted a consolidated loss of INR 304 crore (USD 35.8 mln) in the fourth quarter of FY25, compared to a profit of INR 933 crore in the same period last year. The loss was primarily due to an exceptional charge of INR 1,229.5 crore (USD 145 mln), which included impairment provisions for mining assets held under intangible assets in overseas subsidiaries, Wollongong Resources Pty. Ltd. (Australia), Jindal Madagascar SARL, and Osho Madagascar SARL (Madagascar), as well as expected credit loss allowances for certain loans and advances in Jindal Steel & Power (Mauritius) Limited.
JSPL currently has an annual crude steel capacity of 9.6 mln tons and a finished steel capacity of 7.25 mln tons. It plans to ramp up capacity to 15.9 mln tons for crude steel and 13.75 mln tons for finished steel by FY26. The company manufactures semi-finished steel, long products, flat products, and rails.
1 USD / 84.7 INR