Jindal Steel and Power Ltd incurred a consolidated net loss of ₹1,675 crore for the third quarter of fiscal 2014-15 as it had to pay the additional levy for its de-allocated coal blocks, low demand for steel and its Tanmar Phase II power plants remaining shut due to lack of coal.
In the same quarter last year, the company had made a net profit of ₹559 crore.
For the third quarter, the company’s net revenue dropped 2 per cent year-on-year to ₹5,045 crore from ₹5,142 crore.
“All recently commissioned and upgraded units delivered stable and targeted performance levels. However, the company had to meet a substantial part of its requirements of iron ore and thermal coal either from auction sales or imports resulting in higher raw material and production costs,” the company said in a statement.
On Wednesday, JSPL’s shares closed 1.02 per cent higher at ₹153.75.