|
Jindal
Steel & Power consolidated net sales declined 3.50% to Rs 12588.34 crore in
Q1FY24 compared to Q1FY23. The
production stood at 2.04mt (+2% yoy, +1% qoq). The sales stood at 1.84mt (+6%
yoy; -9% qoq) driven by seasonally weak consumption in the domestic market.
Operating
profit margin has declined from 26.36% to 20.88%, leading to 23.58% decline in
operating profit to Rs 2,628.04 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 45.01% to 39.68%.
Purchase of finished goods cost rose from 3.04% to 5.40%. Employee cost increased from 1.76% to
2.22%. Other expenses rose from 26.98%
to 32.69%. Preoperation capitalised
expenses fell from 1.12% to 0.53%.
Other
income rose 132.70% to Rs 55.29 crore.
PBIDT fell 22.50% to Rs 2683.33 crore.
Provision for interest fell 9.54% to Rs 329.11 crore.
PBDT
fell 24.03% to Rs 2354.22 crore.
Provision for depreciation fell 1.45% to Rs 587.5 crore.
Profit
before tax down 29.40% to Rs 1,766.72 crore.
Share of profit/loss was 325% lower at Rs -0.17 crore. Provision for tax was expense of Rs 74.75
crore, compared to Rs 573.39 crore.
Effective tax rate was 4.23% compared to 22.37%.
Minority
interest decreased 99.38% to Rs 4.86 crore.
Net profit attributable to owners of the company increased 39.17% to Rs
1,686.94 crore.
Promoters’
stake was 61.20% as of 30 June 2023 ,compared to 60.44% as of 30 June 2022
. Promoters pledged stake was 34.26% as
of 30 June 2023 ,compared to 47.21% as of 30 June 2022 .
JSPL Standalone
Performance
Gross
revenue for the quarter came at Rs 14,220 crore (- 8% qoq; -2% yoy) driven by
lower sales volume. Adj. EBITDA stood at Rs 2,665 crore (+22% qoq; -5% yoy)
largely driven by improvement in raw material costs. Net profit for the quarter
increased to Rs 1,400 crore vis-à-vis Rs 789 crore during Q4FY23 driven by
higher EBITDA.
Global Ventures
Mozambique: Chirodzi mine
produced 1.12mt vs 0.98mt ROM in Q4FY23 (up 14% qoq) during the quarter. Coking
coal sales stood at 142kt vs 160kt in Q4FY23. Thermal coal sales stood at 105kt
vs 158kt in Q4FY23
South Africa: During the quarter,
Kiepersol mine produced 116kt vs 115kt ROM in Q4FY23. The mine reported prime
product sales of 87kt vs 90 kt in 4QFY23.
Australia: During the quarter,
Russel Vale mine’s ROM production stood at 132kt vs 157 kt in Q4FY23.
Dispatches for the quarter were 91kt vs 123 kt in Q4FY23. Wongawilli colliery
continues to remain under care and maintenance
Management Comments:
“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.
Full year results
analysis
Net
sales of Jindal Steel & Power have increased 3.18% to Rs 52711.18
crore. Operating profit margin has declined
from 30.37% to 18.85%, leading to 35.96% decline in operating profit to Rs
9,934.89 crore. Raw material cost as a %
of total sales (net of stock adjustments) increased from 36.56% to 42.36%. Purchase of finished goods cost rose from
4.47% to 4.64%. Employee cost increased
from 1.68% to 2.15%. Other expenses
rose from 27.38% to 32.06%.
Preoperation capitalised expenses rose from 0.15% to 0.95%.
Other
income rose 13.28% to Rs 57.05 crore.
PBIDT fell 35.80% to Rs 9991.94 crore.
Provision for interest fell 23.41% to Rs 1445.89 crore. Loan funds declined from Rs 13,501.64 crore
as of 31 March 2022 to Rs 13,046.31 crore as of 31 March 2023. Inventories declined from Rs 7,281.36 crore
as of 31 March 2022 to Rs 5,886.78 crore as of 31 March 2023. Sundry debtors were lower at Rs 974.47 crore
as of 31 March 2023 compared to Rs 1,264.07 crore as of 31 March 2022. Cash and bank balance rose to Rs 4,716.83
crore as of 31 March 2023 from Rs 3,668.51 crore as of 31 March 2022. Investments rose to Rs 907.40 crore as of 31
March 2023 from Rs 469.92 crore as of 31 March 2022 .
PBDT
fell 37.51% to Rs 8546.05 crore.
Provision for depreciation rose 28.34% to Rs 2690.95 crore. Fixed assets increased to Rs 51,356.33 crore
as of 31 March 2023 from Rs 47,578.16 crore as of 31 March 2022. Intangible assets declined from Rs 448.02
crore to Rs 55.41 crore.
Profit
before tax down 49.43% to Rs 5,855.10 crore.
Share of profit/loss was 34.78% higher at Rs -0.15 crore. Extraordinary items were decreased to Rs
-1,369.46 crore. Provision for tax was
expense of Rs 1292.28 crore, compared to Rs 2924.53 crore. Effective tax rate was 28.81% compared to
26.18%.
Minority
interest decreased 20.99% to Rs 800.15 crore.
Net profit attributable to owners of the company decreased 66.93% to Rs
2,393.06 crore.
Equity
capital decreased from Rs 101.07 crore as of 31 March 2022 to Rs 100.50 crore
as of 31 March 2023 . Per share face
Value remained same at Rs 1.00.
Promoters’
stake was 61.20% as of 31 March 2023 compared to 60.45% as of 31 March 2022
. Promoters pledged stake was 36.43% as
of 31 March 2023 compared to 39.98% as of 31 March 2022 .
Cash
flow from operating activities decreased to Rs 7,275.51 crore for year ended
March 2023 from Rs 16,047.77 crore for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 6,448.48 crore, compared to Rs
2,944.45 crore during the year ended March 2022.
The
scrip is currently trading at Rs 698
|
indal Steel & Power : Consolidated Results
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|
Particulars
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2306 (03)
|
2206 (03)
|
Var.(%)
|
2303 (12)
|
2203 (12)
|
Var.(%)
|
|
Net Sales
|
12,588.34
|
13,045.41
|
-4
|
52,711.18
|
51,085.56
|
3
|
|
OPM (%)
|
20.9
|
26.4
|
|
18.9
|
30.4
|
|
|
OP
|
2,628.04
|
3,438.74
|
-24
|
9,934.89
|
15,513.44
|
-36
|
|
Other Inc.
|
55.29
|
23.76
|
133
|
57.05
|
50.36
|
13
|
|
PBIDT
|
2,683.33
|
3,462.50
|
-23
|
9,991.94
|
15,563.80
|
-36
|
|
Interest
|
329.11
|
363.8
|
-10
|
1,445.89
|
1,887.71
|
-23
|
|
PBDT
|
2,354.22
|
3,098.70
|
-24
|
8,546.05
|
13,676.09
|
-38
|
|
Depreciation
|
587.5
|
596.17
|
-1
|
2690.95
|
2096.78
|
28
|
|
PBT
|
1,766.72
|
2,502.53
|
-29
|
5855.1
|
11579.31
|
-49
|
|
Share of Profit/(Loss) from
Associates
|
-0.17
|
-0.04
|
-325
|
-0.15
|
-0.23
|
35
|
|
PBT before EO
|
1766.55
|
2502.49
|
-29
|
5854.95
|
11579.08
|
-49
|
|
EO Income
|
0
|
60.9
|
-
|
-1369.46
|
-406.24
|
-237
|
|
PBT after EO
|
1766.55
|
2563.39
|
-31
|
4485.49
|
11172.84
|
-60
|
|
Taxation
|
74.75
|
573.39
|
-87
|
1292.28
|
2924.53
|
-56
|
|
PAT
|
1691.8
|
1990
|
-15
|
3193.21
|
8248.31
|
-61
|
|
Minority Interest (MI)
|
4.86
|
777.89
|
-99
|
800.15
|
1012.68
|
-21
|
|
Net profit
|
1686.94
|
1212.11
|
39
|
2393.06
|
7235.63
|
-67
|
|
EPS (Rs)*
|
#
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#
|
|
30.6
|
73.5
|
|
|
Notes
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* EPS is on current equity of Rs
102.01 crore, Face value of Rs 1, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate
Database
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