August 9, 2018 / 11:15 AM / a month ago

Jindal Steel and Power posts profit after 14 quarters

(Reuters) - India’s Jindal Steel and Power Ltd posted its first profit in 15 quarters on Thursday and beat analysts’ estimates, helped by higher iron and steel sales.

A general view of the Jindal Power and Steel Ltd. complex is pictured at Nisha village in the eastern Indian state of Orissa March 27, 2012. REUTERS/Rupak De Chowdhuri/Files

Net profit was 1.81 billion rupees ($26.37 million) in the quarter ended June 30, compared with a loss of 3.87 billion rupees a year ago. Analysts were expecting a profit of 1.33 billion rupees, according to Thomson Reuters I/B/E/S.

Jindal Steel and Power's steel sales rose 40 percent in the quarter to 1.61 million tonnes, the company said bit.ly/2M3kpFg.

While global growth outlook for steel remained robust, the U.S.-China trade spat poses some risk, the company added.

Reporting By Aparajita Saxena in Bengaluru; Editing by Vyas Mohan

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