Jindal Steel and Power Ltd reported a consolidated profit of ₹2,516 crore in the quarter ended June 30, 12 per cent lower than ₹2,869-crore profit posted in the previous quarter, the company said in a statement.

However, this was 10 times greater than the profit of ₹235.17 crore posted in the corresponding period last year.

JSPL’s consolidated net revenue stood at ₹10,610 crore, similar to its earnings of ₹10,594 crore in Q4FY21 but up 63 per cent on a year-on-year basis.

Volume growth coupled with an upward momentum in steel prices in Q1FY22 resulted in standalone net revenue rising 65 per cent YoY to ₹10,385 crore.

“The quarter also witnessed a sharp rise in input costs, the impact of which was compounded by exhaustion of low-cost iron ore inventory. Although standalone EBITDA of ₹4,524 crore was up YoY, it declined 7 by per cent QoQ due to a drop in sales volume and lower benefit accruing from iron ore compared to the prior quarter,” the statement added.

Also, the consolidated net debt declined further to ₹15,227 crore in Q1FY22 from ₹22,146 crore in March 2021. The company said the conclusion of JPL divestment, now accounted as asset held for sale, will result in net debt declining further, taking JSPL a step closer to its vision of becoming a net debt free company - a rare feat in the steel sector.