|
Jindal
Steel & Power consolidated net sales increased 35.36% to Rs 14339.49 crore
in Q4FY22 compared to Q4FY21. Sales of
Iron & Steel segment has gone up 36.56% to Rs 13,977.78 crore (accounting
for 91.36% of total sales). Sales of
Power segment has gone up 6.94% to Rs 1,051.91 crore (accounting for 6.88% of
total sales). Sales of Others segment
rose 16.34% to Rs 270.58 crore (accounting for 1.77% of total sales). Inter-segment sales rose Rs 858.08 crore to
Rs 960.78 crore. Profit
before interest, tax and other unallocable items (PBIT) has slumped 34.97% to
Rs 2,909.20 crore. PBIT of Iron &
Steel segment fell 34.50% to Rs 2,723.32 crore (accounting for 93.61% of total
PBIT). PBIT of Power segment fell 29.59%
to Rs 155.57 crore (accounting for 5.35% of total PBIT). PBIT of Others segment fell 68.23% to Rs
30.31 crore (accounting for 1.04% of total PBIT). PBIT
margin of Iron & Steel segment fell from 40.62% to 19.48%. PBIT margin of Power segment fell from 22.46%
to 14.79%. PBIT margin of Others segment
fell from 41.02% to 11.20%. Overall PBIT
margin fell from 39.07% to 19.01%. Operating
profit margin has declined from 46.85% to 21.41%, leading to 38.15% decline in
operating profit to Rs 3,070.20 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 23.80% to 40.42%.
Purchase of finished goods cost rose from 3.94% to 5.25%. Employee cost decreased from 1.86% to
1.28%. Other expenses rose from 24.60%
to 30.87%. Preoperation capitalised
expenses rose from 0.07% to 0.22%. Other
income fell 88.37% to Rs 2.42 crore.
PBIDT fell 38.36% to Rs 3072.62 crore.
Provision for interest fell 35.13% to Rs 373.48 crore. PBDT
fell 38.78% to Rs 2699.14 crore.
Provision for depreciation fell 53.83% to Rs 271.54 crore. Profit
before EO down 36.46% to Rs 2,427.60 crore.
The company reported net EO expense of Rs 406.24 crore compared to net
EO expense of Rs 32.1 crore. PBT after EO fell 47% to Rs 2021.15 crore.Provision
for tax was expense of Rs 494.11 crore, compared to Rs 919.97 crore. Effective tax rate was 24.45% compared to
24.28%.Minority
interest increased 306.94% to Rs 696.07 crore.
Net profit attributable to owners of the company decreased 69.19% to Rs
830.97 crore. Equity
capital decreased from Rs 102.00 crore as of 31 March 2021 to Rs 101.07 crore
as of 31 March 2022 . Per share face
Value remained same at Rs 1.00. Promoters’
stake was 60.45% as of 31 March 2022 compared to 60.47% as of 31 March 2021
. Promoters pledged stake was 39.98% as
of 31 March 2022 compared to 41.65% as of 31 March 2021 . Full year results
analysis Net
sales of Jindal Steel & Power have increased 47.90% to Rs 51085.56
crore. Sales of Iron & Steel segment
has gone up 48.78% to Rs 49,382.79 crore (accounting for 90.03% of total
sales). Sales of Power segment has gone
up 13.76% to Rs 4,185.03 crore (accounting for 7.63% of total sales). Sales of Others segment rose 35.04% to Rs
1,285.67 crore (accounting for 2.34% of total sales). Inter-segment sales rose Rs 3,282.26 crore to
Rs 3,767.93 crore.Profit
before interest, tax and other unallocable items (PBIT) has jumped 22.12% to Rs
13,759.63 crore. PBIT of Iron &
Steel segment rose 21.94% to Rs 12,274.72 crore (accounting for 89.21% of total
PBIT). PBIT of Power segment rose 29.88%
to Rs 1,210.83 crore (accounting for 8.80% of total PBIT). PBIT of Others segment rose 2.03% to Rs
274.08 crore (accounting for 1.99% of total PBIT). PBIT
margin of Iron & Steel segment fell from 30.33% to 24.86%. PBIT margin of Power segment rose from 25.34%
to 28.93%. PBIT margin of Others segment
fell from 28.22% to 21.32%. Overall PBIT
margin fell from 29.79% to 25.08%. Operating
profit margin has declined from 37.90% to 30.37%, leading to 18.50% rise in
operating profit to Rs 15,513.44 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 25.94% to 36.56%.
Purchase of finished goods cost fell from 5.67% to 4.47%. Employee cost decreased from 2.39% to
1.68%. Other expenses fell from 27.88%
to 27.38%. Preoperation capitalised
expenses rose from 0.11% to 0.15%. Other
income fell 90.53% to Rs 50.36 crore.
PBIDT rose 14.24% to Rs 15563.8 crore.
Provision for interest fell 31.44% to Rs 1887.71 crore. Loan funds declined from Rs 29,909.69 crore
as of 31 March 2021 to Rs 13,501.64 crore as of 31 March 2022. Inventories rose to Rs 7,281.36 crore as of
31 March 2022 from Rs 5,942.57 crore as of 31 March 2021. Sundry debtors were lower at Rs 1,264.07
crore as of 31 March 2022 compared to Rs 2,794.40 crore as of 31 March 2021. Cash and bank balance declined from Rs
6,152.22 crore as of 31 March 2021 to Rs 3,668.51 crore as of 31 March
2022. Investments declined from Rs
1,155.54 crore as of 31 March 2021 to Rs 469.92 crore as of 31 March 2022. PBDT
rose 25.82% to Rs 13676.09 crore.
Provision for depreciation fell 13.15% to Rs 2096.78 crore. Fixed assets declined from Rs 55,561.11 crore
as of 31 March 2021 to Rs 43,980.19 crore as of 31 March 2022. Intangible assets increased from Rs 500.10 crore
to Rs 4,045.99 crore. Profit
before EO grew 36.94% to Rs 11,579.31 crore.
The company reported net EO expense of Rs 406.24 crore compared to net
EO expense of Rs 203.92 crore. PBT after EO rose 35% to Rs 11173.07 crore.Provision
for tax was expense of Rs 2924.53 crore, compared to Rs 1810.81 crore. Effective tax rate was 26.17% compared to
21.94%.Minority
interest increased 59.86% to Rs 1,012.68 crore.
Net profit attributable to owners of the company increased 24.59% to Rs
7,235.86 crore. Equity
capital decreased from Rs 102.00 crore as of 31 March 2021 to Rs 101.07 crore
as of 31 March 2022 . Per share face
Value remained same at Rs 1.00. Promoters
stake was 60.45% as of 31 March 2022 ,compared to 60.47% as of 31 March
2021.Promoters pledged stake was 39.98% as of 31 March 2022 compared to 41.65%
as of 31 March 2021 . JSPL Standalone
Performance JSPL
India operations reported the highest ever steel production of 2.11 million
tonne (Up 2% YoY) and sales of 2.08 million tonne (up 9% YoY) in 4QFY22. Sales
were also aided by improved demand from export markets with export share rising
to 29% in 4QFY22 (vs. 23% in 3QFY22).Standalone
operations reported Gross revenues of 15,609 crore in 4QFY22 (+33% Y-o-Y) on
the back of higher steel volumes and steel prices, partially offset by lower
pellet sales. However, EBITDA declined by 11% Q-o-Q to Rs 2,827 crore due to
surging coking coal costs. Profit after tax (PAT) declined by 30% Q-o-Q to Rs
1,198 due to lower operating profit and Rs 324 crore one-off impact (due to
write-off taken for mining investment and assets (Rs 192 crore) and expenses
related to water charges for prior year and relinquishment of long term power
agreement), partially offset by 9% Q-o-Q fall in interest expense.Pellet
production of 1.98 mt posted a modest decline of 2% Y-o-Y. External sales of
0.14 mt was lower by 53% Y-o-Y due to higher internal consumption.Global Ventures Mozambique: Chirodzi mine
produced 1.04 MT ROM (+29% YoY) in 4QFY22. Coking coal sales of 157 KT were
higher by 22% Y-o-Y and slightly better compared to 3QFY22. The Mozambique
operations continued to ramp up production this year and ended FY22 at 4.1
million tonnes ROM (compared to 3.2 million tonnes in FY21). Coking coal sales
in FY22 also improved in line with production to 700KT (581KT in FY21). 4QFY22
EBITDA of USD12.7m, although sharply up Y-o-Y, was negatively impacted by
approximately USD14m FX loss. FY22 saw Mozambique operations turning profitable
with the mine reporting EBITDA of US$57.2m and PAT of US$22m. South Africa: During 4QFY22,
Kiepersol mine in South Africa produced 130 KT ROM (-3% YoY). The mine reported
sales of 95 KT in 4QFY22 and 407 KT in FY22 (vs. 490 KT in FY21). Better
realisations resulted in EBITDA increasing to US$5.3mn for the quarter and
US$10.4mn for the year (vs. US$ 6.1mn in FY21) Australia: Post resumption of
operations at Russell Vale in the prior quarter, the mine continued to ramp up
during Q4FY22. Russel Vale production increased to 125.4 KT compared to 86.1 KT
in Q3FY22. However, issues with blending and dispatch resulted in sales
declining to 73 KT (95KT in 3Q). Impact of lower sales was only partially
offset by higher coking coal prices as WCL (Wollongong Coal Limited) EBITDA
declined by 11% Q-o-Q to US$8.3mn (US$9.3mn in 3QFY22). Ramp up of Russel vale
mine in the 2HFY22 has resulted in Australian operations ending FY22 positively
with WCL reporting EBITDA of US$13.7mn compared to a loss of US$9.6mn in the
prior year. Wongawilli colliery continues to remain under care &
maintenance. The
scrip is currently trading at Rs 375
|
Jindal Steel & Power : Consolidated Results
|
|
Particulars
|
2203 (03)
|
2103 (03)
|
Var.(%)
|
2203 (12)
|
2103 (12)
|
Var.(%)
|
|
Net Sales
|
14,339.49
|
10,593.72
|
35
|
51,085.56
|
34,540.54
|
48
|
|
OPM (%)
|
21.41
|
46.85
|
|
30.37
|
37.9
|
|
|
OP
|
3,070.20
|
4,963.61
|
-38
|
15,513.44
|
13,091.26
|
19
|
|
Other Inc.
|
2.42
|
20.8
|
-88
|
50.36
|
532.01
|
-91
|
|
PBIDT
|
3,072.62
|
4,984.41
|
-38
|
15,563.80
|
13,623.27
|
14
|
|
Interest
|
373.48
|
575.71
|
-35
|
1,887.71
|
2,753.34
|
-31
|
|
PBDT
|
2,699.14
|
4,408.70
|
-39
|
13,676.09
|
10,869.93
|
26
|
|
Depreciation
|
271.54
|
588.09
|
-54
|
2096.78
|
2414.13
|
-13
|
|
PBT
|
2,427.60
|
3,820.61
|
-36
|
11579.31
|
8455.8
|
37
|
|
Share of Profit/(Loss) from
Associates
|
-0.21
|
0
|
-
|
0
|
0
|
-
|
|
PBT before EO
|
2427.39
|
3820.61
|
-36
|
11579.31
|
8455.8
|
37
|
|
EO Income
|
-406.24
|
-32.1
|
999
|
-406.24
|
-203.92
|
-99
|
|
PBT after EO
|
2021.15
|
3788.51
|
-47
|
11173.07
|
8251.88
|
35
|
|
Taxation
|
494.11
|
919.97
|
-46
|
2924.53
|
1810.81
|
62
|
|
PAT
|
1527.04
|
2868.54
|
-47
|
8248.54
|
6441.07
|
28
|
|
Minority Interest (MI)
|
696.07
|
171.05
|
307
|
1012.68
|
633.48
|
60
|
|
Net profit
|
830.97
|
2697.49
|
-69
|
7235.86
|
5807.59
|
25
|
|
EPS (Rs)*
|
#
|
#
|
|
73.51
|
58.34
|
|
|
Notes
|
|
* EPS is on current equity of Rs
102.01 crore, Face value of Rs 1, Excluding extraordinary items.
|
|
# EPS is not annualised
|
|
bps : Basis points
|
|
EO : Extraordinary items
|
|
Figures in Rs crore
|
|
Source: Capitaline Corporate
Database
|
|
Jindal Steel & Power : Consolidated Segment Results
|
|
|
% of (Total)
|
2203 (03)
|
2103 (03)
|
Var.(%)
|
% of (Total)
|
2203 (12)
|
2103 (12)
|
Var.(%)
|
|
Sales
|
|
Iron & Steel
|
91
|
13,977.78
|
10,235.54
|
37
|
90
|
49,382.79
|
33,191.92
|
48.78
|
|
Power
|
7
|
1,051.91
|
983.69
|
7
|
8
|
4,185.03
|
3,678.83
|
13.76
|
|
Others
|
2
|
270.58
|
232.57
|
16
|
2
|
1,285.67
|
952.05
|
35.04
|
|
Total Reported Sales
|
100
|
15,300.27
|
11,451.80
|
34
|
100
|
54,853.49
|
37,822.80
|
45.03
|
|
Less: Inter segment revenues
|
|
960.78
|
858.08
|
12
|
|
3,767.93
|
3,282.26
|
14.8
|
|
Net Sales
|
|
14,339.49
|
10,593.72
|
35
|
|
51,085.56
|
34,540.54
|
47.9
|
|
PBIT
|
|
Iron & Steel
|
94
|
2,723.32
|
4,157.50
|
-35
|
89
|
12,274.72
|
10,066.54
|
21.94
|
|
Power
|
5
|
155.57
|
220.96
|
-30
|
9
|
1,210.83
|
932.27
|
29.88
|
|
Others
|
1
|
30.31
|
95.41
|
-68
|
2
|
274.08
|
268.64
|
2.03
|
|
Total PBIT
|
100
|
2,909.20
|
4,473.87
|
-35
|
100
|
13,759.63
|
11,267.45
|
22.12
|
|
Less : Interest
|
|
373.48
|
575.71
|
-35
|
|
1,887.71
|
2,753.34
|
-31.44
|
|
Add: Other un-allcoable
|
|
-514.36
|
-109.65
|
-369
|
|
-698.85
|
-262.23
|
-166.5
|
|
PBT
|
|
2,021.36
|
3,788.51
|
-47
|
|
11,173.07
|
8,251.88
|
35.4
|
|