India’s Jindal Steel and Power posts Q2 profit on one-time gain

India’s Jindal Steel and Power Ltd on Tuesday reported a profit of 3.44 billion rupees ($47.36 million) for the second quarter, helped by a one-time gain.

For the year-ago period, the New Delhi-based company had reported a loss of 4.48 billion rupees.

Eight analysts on average had expected a loss of 536 million rupees, according to IBES data from Refinitiv.

The company had a one-time gain of 2.55 billion rupees in the quarter, partly due to savings from early redemption of certain privately placed debentures and from write-off of a part of expenses incurred in earlier years for projects, the company said.

Total revenue from operations jumped 63 percent to 99.82 billion rupees, while revenue from its iron and steel segment surged 73 percent to 86.45 billion rupees.

($1 = 72.6375 Indian rupees)

(By Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu)

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