New Delhi: Jindal Steel and Power (JSPL) narrowed its consolidated net loss to Rs 371 crore in January-March quarter of 2015-16, helped by higher steel sales and cost optimisation measures. The Naveen Jindal-led firm had posted a net loss of Rs 519 crore in the year-ago period. Total consolidated income was up by 7% to Rs 4,874 crore.
The quarter ending March 2016 saw good recovery of steel prices in the domestic market, which for the past 18 months had slumped to an all time low, the statement said.
Introduction of minimum import price (MIP) in the first week of February 2016 also helped to curb the rapidly growing imports at predatory prices, it added.
