Gross revenue (including GST and other income) declined 2.34% to Rs 14,220 crore in Q1 FY24 as compared with Rs 14,561 crore in Q1 FY23.

Adjusted EBITDA stood at Rs 2,665 crore during the quarter, was down 4.69% as compared with Rs 2,796 crore posted in same quarter last year. Adjustment were on account of FX loss of Rs 12 crore in Q1FY24.

During the quarter steel maker reported sales of steel (including pig iron) at 1.84 mt (up 5.75% YoY). The company reported production of steel (including pig iron) at 2.04 Mt during the quarter, which was 2.51% higher YoY.

In Q1 FY24 pellet production stood at 1.72 mt (down 10.42% YoY). External pellets sales declined 66.67% to 0.01 mt (as compared with 0.03 mt in Q1 FY23).

Chirodzi mine in Mozambique produced 1.12mt in Q1 FY24 vs 0.98mt ROM in Q4FY23 (up 14% qoq) during the quarter. Coking coal sales stood at 142kt versus 160kt in Q4FY23. Thermal coal sales stood at 105kt vs 158kt in Q4FY23.

During the quarter, Kiepersol mine in South Africa has produced 116kt as against 115kt ROM in Q4FY23. The mine reported prime product sales of 87kt versus 90 kt in 4QFY23.

During the quarter, Russel Vale mine's in Australia 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.

Jindal Steel Odisha (JSO), a wholly owned subsidiary of JSP, successfully commissioned its state-of-the-art pellet plant at Angul. This is a first in a series of units that will be commissioned over the next two years as JSP moves forward to double the steel production capacity at Angul.

Bimlendra Jha, managing director, said, “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.”

Jindal Steel & Power (JSPL) is a leading Indian infrastructure conglomerate with a presence in the steel, power, and mining sectors.

The scrip rallied 3.28% to settled at Rs 698.40 on Friday 11 August 2023.