August 9, 2018 / 11:15 AM / 8 months ago

Jindal Steel and Power posts profit after 14 quarters

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

(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.

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

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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