Jindal Steel and Power reported a drop in first-quarter profit on Wednesday as a string of higher expenses added to the dent caused by weak steel demand in a quarter that included the general elections.The steelmaker's consolidated profit after tax fell 21 per cent to Rs 1,338 cr (around $160 mn) in the April-June quarter. Raw material costs surged 22 per cent, leading to an 8 per cent rise in expenses at Rs 11,793 cr, the company said.
In April-June however, the general elections, which lasted for nearly half the quarter, led to muted steel demand, analysts said, which was compounded by higher costs of rebar, a key raw material for steelmakers.Last week, bigger peer JSW Steel reported a bigger-than-expected fall in profit.
