Jindal Steel & Power Ltd on Friday reported an 14.37% year-on-year fall in its consolidated net profit of continuing operation attributable (to owners of the company) for the fiscal’s first quarter ended June (Q1FY24) to ₹1,686.94 crore. The company had reported a profit of ₹1,970.13 crore in the year-ago period. Sequentially, consolidated net profit was up 265% from ₹462.56 crore in Q4FY23. Jindal Steel & Power share price today closed 3.38% higher at ₹698.40 apiece on BSE.
The company’s consolidated revenue from operations dropped 3.5% on year to ₹12,588.34 crores during the quarter ended June from ₹13,045.41 crore in Q1FY23. Total income dropped to ₹12,643.63 crore in the first quarter. It stood at ₹13,069.17 crore in the year-ago period.
As per company’s exchange filing, the consolidated adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter ended June, stood at ₹2,704 crore, sequentially was up 21%, on a year-on-year basis, it slumped 17%.
“Jindal Steel & Power continued its journey of deleveraging and has further reduced its net debt by ₹141 crore during the quarter to a 15 year low at ₹6,812 crore as at 30 June 2023. Net debt to EBITDA stood at 0.75x vs 0.7x at 31 March 2023. Balance sheet continues to strengthen while supporting the on-going capex. The total capex for the quarter was ₹1,899 crore largely driven by the Angul expansion projects,” said the company in an exchange filing.
During the quarter under review the production stood at 2.04 MT, up 2% on year, and sales stood at 1.84 MT, which grew 6% on year and fell 9% sequentially driven by seasonally weak consumption in the domestic market.
“We have now achieved a significant milestone of successfully commissioning our state-of-the-art pellet plant at Angul. We have also signed mining lease for two thermal coal mines – Gare Palma IV/6 and Utkal C, which will lead to consistent availability of coal for our thermal coal requirements in DRI Kilns, Coal Gasification and Power Plants at lower costs.
What has been most satisfying, however, is our Great Place To Work Certification. We see it as the underlying factor in our continually improving financial and operational performance.” said Mr. Bimlendra Jha, Managing Director, Jindal Steel & Power, in a statement.
