|
Consolidated
net sales (including other operating income) of Jindal Steel & Power has
declined 9.40% to Rs 12250.16 crore.
Operating profit margin has jumped from 14.28% to 18.66%, leading to
18.35% rise in operating profit to Rs 2,285.68 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 38.06% to 39.46%. Purchase of finished goods cost fell from
5.66% to 3.57%. Employee cost increased
from 2.35% to 2.74%. Other expenses
fell from 37.92% to 34.02%. Preoperation
capitalised expenses rose from 0.81% to 0.84%.
Other
income rose 6,541.67% to Rs 31.88 crore.
PBIDT rose 19.97% to Rs 2317.56 crore.
Provision for interest fell 9.72% to Rs 329.36 crore.
PBDT
rose 26.88% to Rs 1988.2 crore.
Provision for depreciation fell 1.72% to Rs 603.68 crore.
Profit
before tax grew 45.31% to Rs 1,384.52 crore.
Share of profit/loss was 1,150% lower at Rs -0.25 crore. Provision for tax was credit of Rs 5.83
crore, compared to credit of Rs 165 crore.
Effective tax rate was negative 0.42% compared to negative 304.04%.
Minority
interest decreased 88.34% to Rs 2.28 crore.
Net profit attributable to owners of the company increased 594.92% to Rs
1,387.82 crore.
Equity
capital stood at Rs 100.50 crore as of 30 September 2023 to Rs 100.50 crore as
of 30 September 2022. Per share face
Value remained same at Rs 1.00.
Promoters’
stake was 61.20% as of 30 September 2023 ,compared to 61.20% as of 30 September
2022 . Promoters pledged stake was
13.25% as of 30 September 2023 ,compared to 40.84% as of 30 September
2022.
JSPL Standalone
Performance
Gross
revenue for the quarter came at Rs 13,953 crore (-8% yoy) despite seasonally
weak quarter. Adj. EBITDA stood at Rs 2,244 crore (+57% yoy) adjusted for
one-off FX gains of Rs 69 crore. Net profit for the quarter increased to Rs
1,109 crore vis-à-vis net loss of Rs 473 crore during Q2FY23.
Global Ventures
Mozambique: Chirodzi mine
produced 1.11mt in Q2FY24 vs 1.16mt ROM in Q2FY23. Coking coal sales stood at
234kt in Q2FY24 vs 195kt in Q2FY23. Thermal coal sales stood at 150kt in Q2FY24
vs 181kt in Q2FY23
South Africa: During the quarter,
Kiepersol mine produced 123kt in Q2FY24 vs 81kt ROM in Q2FY23. The mine
reported prime product sales of 83kt in Q2FY24 vs 116kt in Q2FY23.
Australia: During the quarter,
Russel Vale mine’s ROM production stood at 101kt in Q2FY24 vs 150kt in Q2FY23.
Dispatches for the quarter were 162kt in Q2FY24 vs 79kt in Q2FY23. Wongawilli
colliery continues to remain under care and maintenance.
Management Comments:
“We
are happy to see our coal mines finally starting. Shipments from Gare Palma
IV/6 are already being received at Raigarh. Our quarterly results are
significantly up year on year with sales volumes sustained in a traditionally
weak quarter. We expect the demand to be robust in the second half of the
current fiscal as India continues to march to a different drumbeat.” said Mr. Bimlendra Jha, Managing Director,
Jindal Steel & Power, in a statement.
For year-to-date
(YTD) results analysis
Net
sales (including other operating income) of Jindal Steel & Power has
declined 6.51% to Rs 24838.5 crore. Operating
profit margin has declined from 20.21% to 19.78%, leading to 8.50% decline in
operating profit to Rs 4,913.72 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 41.89% to 39.58%.
Purchase of finished goods cost rose from 4.22% to 4.56%. Employee cost increased from 2.03% to
2.46%. Other expenses rose from 31.89%
to 33.31%. Preoperation capitalised
expenses fell from 0.98% to 0.67%.
Other
income rose 259.61% to Rs 87.17 crore.
PBIDT fell 7.29% to Rs 5000.89 crore.
Provision for interest fell 9.63% to Rs 658.47 crore.
PBDT
fell 6.93% to Rs 4342.42 crore.
Provision for depreciation fell 1.59% to Rs 1191.18 crore. Fixed assets increased to Rs 54,173.77 crore
as of 30 September 2023 from Rs 45,221.45 crore as of 30 September 2022. Intangible assets declined from Rs 3,891.18
crore to Rs 55.41 crore.
Profit
before tax down 8.80% to Rs 3,151.24 crore.
Share of profit/loss was 600% lower at Rs -0.42 crore. Provision for tax was expense of Rs 68.92
crore, compared to Rs 408.39 crore.
Effective tax rate was 2.19% compared to 15.60%.
Minority
interest decreased 99.10% to Rs 7.14 crore.
Net profit attributable to owners of the company increased 117.79% to Rs
3,074.76 crore.
Equity
capital stood at Rs 100.50 crore as of 30 September 2023 to Rs 100.50 crore as
of 30 September 2022. Per share face
Value remained same at Rs 1.00.
Promoters’
stake was 61.20% as of 30 September 2023 ,compared to 61.20% as of 30 September
2022 . Promoters pledged stake was
13.25% as of 30 September 2023 ,compared to 40.84% as of 30 September 2022
.
Cash
flow from operating activities increased to Rs 4,494.08 crore for YTD ended
September 2023 from Rs 2,343.19 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets
during the YTD ended September 2023 stood at Rs 3,757.37 crore, compared to Rs
2,534.63 crore during the YTD ended September 2022.
The
scrip is currently trading at Rs 589
|
Jindal Steel & Power : Consolidated Results
|
|
Particulars
|
2309 (03)
|
2209 (03)
|
Var.(%)
|
2309 (06)
|
2209 (06)
|
Var.(%)
|
2303 (12)
|
2203 (12)
|
Var.(%)
|
|
Net Sales
|
12,250.16
|
13,521.40
|
-9
|
24,838.50
|
26,566.81
|
-7
|
52,711.18
|
51,085.56
|
3
|
|
OPM (%)
|
18.7
|
14.3
|
|
19.8
|
20.2
|
|
18.9
|
30.4
|
|
|
OP
|
2,285.68
|
1,931.37
|
18
|
4,913.72
|
5,370.11
|
-9
|
9,934.89
|
15,513.44
|
-36
|
|
Other Inc.
|
31.88
|
0.48
|
999
|
87.17
|
24.24
|
260
|
57.05
|
50.36
|
13
|
|
PBIDT
|
2,317.56
|
1,931.85
|
20
|
5,000.89
|
5,394.35
|
-7
|
9,991.94
|
15,563.80
|
-36
|
|
Interest
|
329.36
|
364.81
|
-10
|
658.47
|
728.61
|
-10
|
1,445.89
|
1,887.71
|
-23
|
|
PBDT
|
1,988.20
|
1,567.04
|
27
|
4,342.42
|
4,665.74
|
-7
|
8,546.05
|
13,676.09
|
-38
|
|
Depreciation
|
603.68
|
614.26
|
-2
|
1191.18
|
1210.43
|
-2
|
2690.95
|
2096.78
|
28
|
|
PBT
|
1,384.52
|
952.78
|
45
|
3151.24
|
3455.31
|
-9
|
5855.1
|
11579.31
|
-49
|
|
Share of Profit/(Loss) from
Associates
|
-0.25
|
-0.02
|
-1150
|
-0.42
|
-0.06
|
-600
|
-0.15
|
-0.23
|
35
|
|
PBT before EO
|
1384.27
|
952.76
|
45
|
3150.82
|
3455.25
|
-9
|
5854.95
|
11579.08
|
-49
|
|
EO Income
|
0
|
-898.49
|
-
|
0
|
-837.59
|
-
|
-1369.46
|
-406.24
|
-237
|
|
PBT after EO
|
1384.27
|
54.27
|
2451
|
3150.82
|
2617.66
|
20
|
4485.49
|
11172.84
|
-60
|
|
Taxation
|
-5.83
|
-165
|
96
|
68.92
|
408.39
|
-83
|
1292.28
|
2924.53
|
-56
|
|
PAT
|
1390.1
|
219.27
|
534
|
3081.9
|
2209.27
|
40
|
3193.21
|
8248.31
|
-61
|
|
Minority Interest (MI)
|
2.28
|
19.56
|
-88
|
7.14
|
797.45
|
-99
|
800.15
|
1012.68
|
-21
|
|
Net profit
|
1387.82
|
199.71
|
595
|
3074.76
|
1411.82
|
118
|
2393.06
|
7235.63
|
-67
|
|
EPS (Rs)*
|
#
|
#
|
|
#
|
#
|
|
30.6
|
73.5
|
|
|
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
|
|