Jindal Steel and Power Ltd on Tuesday reported a profit of Rs 3.44 billion ($47.36 million) for the second quarter, helped by a one-time gain.

For the year-ago period, the New Delhi-based company had reported a loss of Rs 4.48 billion.

Eight analysts on average had expected a loss of Rs 536 million, according to IBES data from Refinitiv.

The company had a one-time gain of Rs 2.55 billion in the quarter, partly due to savings from early redemption of certain privately placed debentures and from the write-off of a part of expenses incurred in earlier years for projects, the company said.

Total revenue from operations jumped 63 per cent to Rs 99.82 billion, while revenue from its iron and steel segment surged 73 per cent to Rs 86.45 billion.