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JSPL Q2 results: Net profit jumps nearly three-fold to Rs 2,584 crore.

Date: 03-11-2021
Subject: JSPL Q2 results: Net profit jumps nearly three-fold to Rs 2,584 crore
Mumbai: Naveen Jindal-led Jindal Steel  and Power on Tuesday reported a consolidated net profit from continuing operations of Rs 2,584 crore, up 2.8 times during the September quarter of FY22, as against a net profit of Rs 896.93 crore reported in the same period last year, on the back of higher volumes and an all-time high steel prices. 

“Demand has been stable, however, cost pressure continues. While steel prices are at an all-time high, it is likely to correct with coking coal prices easing in the market,” the company’s managing director, V.R. Sharma told ET.

JSPL’s net profit was around Rs 2,515 crore in the previous quarter of FY22.

The company’s total revenue from operations was at Rs 13,611 crore, up 67 per cent year-on-year. The company reported an operating profit (Ebitda) of Rs 4,594 crore up 91 per cent YoY.

JSPL’s sales volume surged 32 per cent QoQ and 10 per cent YoY to hit a record of 2.13 million tonnes during the quarter.

“Q2FY22 also marked the first time JSPL  steel sales have crossed 2 million tonnes quarterly volumes,” the company said in a statement.

The company continues to benefit from buoyant export markets as the share of exports in overall volumes increased to more than 40 per cent in 2QFY22 compared to 34 per cent in Q1FY22 (38 per cent in Q2FY21).

“While coking coal prices had risen sharply during the quarter, the impact was significantly lower given the company had already booked material at lower prices for the quarter,” the company’s statement said.

During the quarter under review, JSPL’s consolidated net debt has declined to Rs 11,164 crore in 2Q FY22 from Rs 15,227 crore in June 2021). For the reported quarter, finance costs have declined by 31 per cent YoY and 32 per cent YoY in 1HFY22.

“Conclusion of Jindal Power Limited (JPL) divestment (accounted as an asset held for sale) will result in Net Debt declining further by INR3,015 Cr, taking JSPL a step closer to its vision of becoming a Net Debt-free company by FY23,” the company said.

The company recently won the Kasia iron ore mine in Odisha. Kasia Mine has a resource capacity of 278 million tonnes of iron ore and it consists of an average Fe grade of approx. 62.5 per cent.

"Our raw material security is likely to go up by 50 per cent in the next few months with the new mine, for the rest we have a long-term agreement with Odisha Mining Corporation," Sharma told ET. 

The mine is 17 km away from JSPL’s Barbil pellet plant. 

After remaining subdued in 1HFY22, construction and infrastructure activities are expected to recover strongly in 2HFY22 as a seasonally strong demand period sets in, the company said. 


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