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India's Jindal Steel and Power March-qtr consol loss narrows


Tuesday, 23 May 2017 04:25am EDT 

May 23 (Reuters) - Jindal Steel And Power Ltd :March quarter consol net loss 1 billion rupees.Consensus forecast for march quarter consol loss was 4.39 billion rupees.March quarter consol total revenue from operations 67.56 billion rupees.Consol net loss in march quarter last year was 6.36 billion rupees as per Ind-AS; consol total revenue from operations was 54.42 billion rupees.Says overall domestic consumption of steel in India could strengthen to 6-7 percent growth in FY18.Says co aiming to increase steel production by about 50 percent during FY18.Co is looking to ramp up production steadily from Angul Complex; also looking to better costs of production.Says co aiming to export over 1 million tonne of steel and export 2 million tonnes of pellets in new financial year.Co will be commissioning basic oxygen furnace by october 2017 at Angul.