|
Consolidated
net sales of Jindal Steel & Power has declined 1.50% to Rs 13486.96
crore. Share of exports remained stable
at 11% in Q4FY24 vis-à-vis 11% during the Q4FY23. Production and sales for
Q4FY24 stood at 2.05MT and 2.01MT respectively.
Operating
profit margin has jumped from 15.98% to 18.12%, leading to 11.76% rise in
operating profit to Rs 2,444.49 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 45.20% to 39.59%.
Purchase of finished goods cost rose from 4.40% to 6.06%. Employee cost increased from 2.14% to
2.72%. Other expenses rose from 32.23%
to 33.25%. Preoperation capitalised
expenses rose from 0.08% to 0.53%.
EBITDA was driven by reduction in raw material cost, partly offset by
lower NSR during the quarter.
Other
income rose 117.96% to Rs 34.35 crore.
PBIDT rose 12.52% to Rs 2478.84 crore.
Provision for interest fell 13.62% to Rs 320.62 crore. Loan funds rose to Rs 16,472.14 crore as of
31 March 2024 from Rs 13,046.31 crore as of 31 March 2023. Inventories rose to Rs 7,077.37 crore as of
31 March 2024 from Rs 5,886.78 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,664.54
crore as of 31 March 2024 compared to Rs 974.47 crore as of 31 March 2023. Cash and bank balance declined from Rs
4,716.83 crore as of 31 March 2023 to Rs 4,024.13 crore as of 31 March
2024. Investments declined from Rs
907.40 crore as of 31 March 2023 to Rs 818.81 crore as of 31 March 2024.
PBDT
rose 17.82% to Rs 2158.22 crore.
Provision for depreciation rose 13.98% to Rs 994.9 crore. Fixed assets increased to Rs 57,939.95 crore
as of 31 March 2024 from Rs 51,356.33 crore as of 31 March 2023. Intangible assets stood at Rs 55.41
crore.
Profit
before tax grew 21.31% to Rs 1,163.32 crore.
Provision for tax was expense of Rs 230.06 crore, compared to Rs 339.83
crore. Effective tax rate was 19.77%
compared to 42.19%.
Net
profit attributable to owners of the company increased 102.22% to Rs 935.37
crore.
Equity
capital decreased from Rs 100.50 crore as of 31 March 2023 to Rs 100.24 crore
as of 31 March 2024 . Per share face
Value remained same at Rs 1.00.
Promoters’
stake was 61.20% as of 31 March 2024 compared to 61.20% as of 31 March 2023
. Promoters pledged stake was 13.11% as
of 31 March 2024 ,compared to 36.43% as of 31 March 2023.
Net
debt stood at Rs 11,203 crore as at 31st Mar’24 vs. Rs 9,115 crore as at 31st
Dec’23. Balance sheet remains robust with Net debt to EBITDA at 1.10x as at
31st Mar’24 vs 0.92x as at 31st Dec’23. Increased debt reflects higher payments
on account of completion of several projects in line with capex program. The
total capex for the quarter was Rs 2,523 crore and Rs 8,517 crore for FY24. The company achieved
several important milestones during the year including commissioning of Hot
Strip Mill of 6 MTPA and pellet plant of 6MTPA.
Full year results
analysis
Net
sales (including other operating income) of Jindal Steel & Power has
declined 5.09% to Rs 50026.76 crore.
Operating profit margin has jumped from 18.85% to 20.39%, leading to
2.68% rise in operating profit to Rs 10,200.75 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 42.36% to 39.44%. Purchase of finished goods cost fell from
4.64% to 4.63%. Employee cost increased
from 2.15% to 2.57%. Other expenses
rose from 32.06% to 32.99%.
Preoperation capitalised expenses fell from 0.95% to 0.65%.
Other
income rose 174.50% to Rs 156.6 crore.
PBIDT rose 3.66% to Rs 10357.35 crore.
Provision for interest fell 10.49% to Rs 1294.23 crore. Loan funds rose to Rs 16,472.14 crore as of
31 March 2024 from Rs 13,046.31 crore as of 31 March 2023. Inventories rose to Rs 7,077.37 crore as of
31 March 2024 from Rs 5,886.78 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,664.54
crore as of 31 March 2024 compared to Rs 974.47 crore as of 31 March 2023. Cash and bank balance declined from Rs 4,716.83
crore as of 31 March 2023 to Rs 4,024.13 crore as of 31 March 2024. Investments declined from Rs 907.40 crore as
of 31 March 2023 to Rs 818.81 crore as of 31 March 2024.
PBDT
rose 6.05% to Rs 9063.12 crore.
Provision for depreciation rose 4.86% to Rs 2821.75 crore. Fixed assets increased to Rs 57,939.95 crore
as of 31 March 2024 from Rs 51,356.33 crore as of 31 March 2023. Intangible assets stood at Rs 55.41
crore.
Profit
before tax grew 6.60% to Rs 6,241.37 crore.
Share of profit/loss was 33.33% higher at Rs -0.1 crore. Provision for tax was expense of Rs 297.95
crore, compared to Rs 1292.28 crore.
Effective tax rate was 4.77% compared to 28.81%.
Minority
interest decreased 99.39% to Rs 4.90 crore.
Net profit attributable to owners of the company increased 148.15% to Rs
5,938.42 crore.
Equity
capital decreased from Rs 100.50 crore as of 31 March 2023 to Rs 100.24 crore
as of 31 March 2024 . Per share face
Value remained same at Rs 1.00.
Promoters’
stake was 61.20% as of 31 March 2024 ,compared to 61.20% as of 31 March 2023
. Promoters pledged stake was 13.11% as
of 31 March 2024 ,compared to 36.43% as of 31 March 2023 .
Cash
flow from operating activities decreased to Rs 6,008.35 crore for year ended
March 2024 from Rs 7,275.51 crore for year ended March 2023. Cash flow used in acquiring fixed assets during
the year ended March 2024 stood at Rs 8,517.09 crore, compared to Rs 6,448.48
crore during the year ended March 2023.
The
scrip is currently trading at Rs 975
|
Jindal Steel & Power : Consolidated Results
|
|
Particulars
|
2403 (03)
|
2303 (03)
|
Var.(%)
|
2403 (12)
|
2303 (12)
|
Var.(%)
|
|
Net Sales (including other
operating income)
|
13,486.96
|
13,691.93
|
-2
|
50,026.76
|
52,711.18
|
-5
|
|
OPM (%)
|
18.1
|
16.0
|
|
20.4
|
18.9
|
|
|
OP
|
2,444.49
|
2,187.28
|
12
|
10,200.75
|
9,934.89
|
3
|
|
Other Inc.
|
34.35
|
15.76
|
118
|
156.6
|
57.05
|
175
|
|
PBIDT
|
2,478.84
|
2,203.04
|
13
|
10,357.35
|
9,991.94
|
4
|
|
Interest
|
320.62
|
371.17
|
-14
|
1,294.23
|
1,445.89
|
-10
|
|
PBDT
|
2,158.22
|
1,831.87
|
18
|
9,063.12
|
8,546.05
|
6
|
|
Depreciation
|
994.9
|
872.88
|
14
|
2821.75
|
2690.95
|
5
|
|
PBT
|
1,163.32
|
958.99
|
21
|
6241.37
|
5855.1
|
7
|
|
Share of Profit/(Loss) from
Associates
|
0.2
|
-0.03
|
LP
|
-0.1
|
-0.15
|
33
|
|
PBT before EO
|
1163.52
|
958.96
|
21
|
6241.27
|
5854.95
|
7
|
|
EO Income
|
0
|
-153.47
|
-
|
0
|
-1369.46
|
-
|
|
PBT after EO
|
1163.52
|
805.49
|
44
|
6241.27
|
4485.49
|
39
|
|
Taxation
|
230.06
|
339.83
|
-32
|
297.95
|
1292.28
|
-77
|
|
PAT
|
933.46
|
465.66
|
100
|
5943.32
|
3193.21
|
86
|
|
Minority Interest (MI)
|
-1.91
|
3.1
|
LP
|
4.9
|
800.15
|
-99
|
|
Net profit
|
935.37
|
462.56
|
102
|
5938.42
|
2393.06
|
148
|
|
EPS (Rs)*
|
#
|
#
|
|
58.2
|
30.6
|
|
|
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
|
|