Jindal Steel and Power Ltd (JSPL) on Tuesday posted a nearly 70 per cent decline in its consolidated net profit to Rs 465.66 crore for the March quarter of FY2022-23 due to higher expenses.The company had clocked Rs 1,527.04 crore “net profit after tax from continuing operation” during the January-March quarter of 2021-22, JSPL said in a BSE filing.

The company’s total income during the quarter fell to Rs 13,707.69 crore from Rs 14,341.91 crore in the year-ago period. Total expenses surged to Rs 12,748.70 crore as against Rs 11,914.31 crore.

In a separate statement, JSPL said it has reduced its net debt by Rs 1,923 crore during the financial year (FY) 2022-23, and its consolidated net debt as of March 31, 2023, stood at Rs 6,953 crore.

MD Bimlendra Jha said, “Our balance sheet is the strongest amongst the large integrated steel players in India and our leverage ratios are also amongst the lowest compared to the large integrated steel players in India despite a volatile macro environment.”