Oct 31 Reuters Indian steelmaker Jindal Steel and Power reported a higherthanexpected secondquarter profit on Tuesday, helped by a drop in raw material costs.

Consolidated net profit after tax surged more than sixfold to 13.90 billion rupees 167 million in the quarter, beating analysts39; average estimate of 10.99 billion rupees, according to LSEG data.

The strong performance was driven by a sharp reduction in costs, which offset seasonally weak pricing environment during the quarter, the New Delhibased company said in a statement.

The company39;s costs fell 13, helped by a drop in costs of iron ore and metallurgical coal, the two main raw materials used in making steel.

Earlier this month, JSW Steel reported a secondquarter profit, boosted by strong demand and lower input costs. 1 83.2246 Indian rupees

Reporting by Manvi Pant in Bengaluru; Editing by Savio D39;Souza

Source Reuters