Indian steelmaker Jindal Steel and Power's Q3 net profit soared nearly four-fold to 19.28 billion rupees ($232 million) due to lower raw material costs.

Indian steelmaker Jindal Steel and Power reported a nearly four-fold increase in third-quarter profit as decreased costs offset a decline in sales. The company's consolidated net profit after tax rose to 19.28 billion rupees ($232 million) for the three months ending December 31, up from 5.18 billion rupees in the previous year. As the benefits of captive thermal coal mines were realized, lower raw material costs drove the strong performance. The revenue from sales and services dropped 6.3% to 137.56 billion rupees.

January 31, 2024
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