|
Jindal
Steel & Power consolidated net sales declined 6.03% to Rs 11701.32 crore
during Q3FY24. Operating profit margin
has jumped from 19.09% to 24.29%, leading to 19.56% rise in operating profit to
Rs 2,842.56 crore. Raw material cost as
a % of total sales (net of stock adjustments) decreased from 40.22% to
38.99%. Purchase of finished goods cost
fell from 5.84% to 3.24%. Employee cost
increased from 2.41% to 2.64%. Other
expenses fell from 32.24% to 32.08%.
Preoperation capitalised expenses fell from 1.83% to 0.75%.
Other
income rose 105.63% to Rs 35.08 crore.
PBIDT rose 20.17% to Rs 2877.64 crore.
Provision for interest fell 8.95% to Rs 315.14 crore.
PBDT
rose 25.10% to Rs 2562.5 crore.
Provision for depreciation rose 4.61% to Rs 635.67 crore.
Profit
before tax grew 33.74% to Rs 1,926.83 crore.
Provision for tax was credit of Rs 1.04 crore, compared to debit of Rs
544.06 crore. Effective tax rate was
negative 0.05% compared to 51.21%.
Minority
interest increased 17.50% to Rs -0.33 crore.
Net profit attributable to owners of the company increased 271.78% to Rs
1,928.32 crore.
Promoters’
stake was 61.20% as of 31 December 2023 compared to 61.20% as of 31 December
2022. Promoters pledged stake was 12.92%
as of 31 December 2023 ,compared to 39.16% as of 31 December 2022.
JSPL Standalone
Performance
Gross
revenue for the quarter came at Rs 13,485 crore (-3% yoy). Adjusted EBITDA
stood at Rs 2,715 crore (+26% yoy) adjusted for one-off forex gains of Rs 4
crore. Net profit for the quarter increased to Rs 1,484 crore vis-à-vis Net
loss of Rs 4,512 crore during Q3FY23.
Global Ventures
Mozambique: Chirodzi mine produced ROM of 1.15MT in
Q3FY24 vs 1.11MT in Q2FY24. Coking coal sales stood at 221kt in Q3FY24 vs 234kt
in Q2FY24. Thermal coal sales stood at 159kt in Q3FY24
vs 150kt in Q2FY24.
South Africa: During the quarter,
Kiepersol mine produced ROM of 82kt in Q3FY24 vs 123kt in Q2FY24. The mine
reported prime product sales of 48kt in Q3FY24 vs 84kt in Q2FY24.
Australia: During the quarter,
Russel Vale mine’s ROM production stood at 106kt in Q3FY24 vs 101kt in Q2FY24.
Dispatches for the quarter were 110kt in Q3FY24 vs 162kt in Q2FY24. Wongawilli
colliery continues to remain under care and maintenance.
Management Comments:
Mr. Naveen Jindal,
Chairman
“We
are happy to share that JSP has achieved several important milestones during
the quarter, which includes commissioning of the Utkal C thermal coal mines,
state-of-the-art HSM and International EPD certifications for Hot Rolled
Plates/Coils and Structural steel. This demonstrates both our commitment and
capability to execute the capex plan as planned which will surely make JSP one
of the most cost efficient and eco-friendly steel companies in India.” said Mr.
Naveen Jindal, Chairman, 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 6.35% to Rs 36539.8 crore.
Operating profit margin has jumped from 19.86% to 21.23%, leading to
0.11% rise in operating profit to Rs 7,756.26 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 41.37% to 39.38%. Purchase of finished goods cost fell from
4.73% to 4.11%. Employee cost increased
from 2.15% to 2.52%. Other expenses
rose from 32.00% to 32.89%.
Preoperation capitalised expenses fell from 1.25% to 0.70%.
Other
income rose 196.08% to Rs 122.25 crore.
PBIDT rose 1.15% to Rs 7878.51 crore.
Provision for interest fell 9.41% to Rs 973.61 crore.
PBDT
rose 2.84% to Rs 6904.9 crore. Provision
for depreciation rose 0.48% to Rs 1826.85 crore.
Profit
before tax grew 3.72% to Rs 5,078.05 crore.
Share of profit/loss was 130.77% lower at Rs -0.3 crore. Provision for tax was expense of Rs 67.89
crore, compared to Rs 952.46 crore.
Effective tax rate was 1.34% compared to 25.88%.
Minority
interest decreased 99.15% to Rs 6.81 crore.
Net profit attributable to owners of the company increased 159.16% to Rs
5,003.05 crore.
Promoters’
stake was 61.20% as of 31 December 2023 ,compared to 61.20% as of 31 December
2022 . Promoters pledged stake was
12.92% as of 31 December 2023 ,compared to 39.16% as of 31 December 2022 .
The
scrip is currently trading at Rs 746
|
Jindal Steel & Power : Consolidated Results
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|
Particulars
|
2312 (03)
|
2212 (03)
|
Var.(%)
|
2312 (09)
|
2212 (09)
|
Var.(%)
|
2303 (12)
|
2203 (12)
|
Var.(%)
|
|
Net Sales (including other
operating income)
|
11,701.32
|
12,452.44
|
-6
|
36,539.80
|
39,019.25
|
-6
|
52,711.18
|
51,085.56
|
3
|
|
OPM (%)
|
24.3
|
19.1
|
|
21.2
|
19.9
|
|
18.9
|
30.4
|
|
|
OP
|
2,842.56
|
2,377.49
|
20
|
7,756.26
|
7,747.62
|
0
|
9,934.89
|
15,513.44
|
-36
|
|
Other Inc.
|
35.08
|
17.06
|
106
|
122.25
|
41.29
|
196
|
57.05
|
50.36
|
13
|
|
PBIDT
|
2,877.64
|
2,394.55
|
20
|
7,878.51
|
7,788.91
|
1
|
9,991.94
|
15,563.80
|
-36
|
|
Interest
|
315.14
|
346.12
|
-9
|
973.61
|
1,074.73
|
-9
|
1,445.89
|
1,887.71
|
-23
|
|
PBDT
|
2,562.50
|
2,048.43
|
25
|
6,904.90
|
6,714.18
|
3
|
8,546.05
|
13,676.09
|
-38
|
|
Depreciation
|
635.67
|
607.65
|
5
|
1826.85
|
1818.08
|
0
|
2690.95
|
2096.78
|
28
|
|
PBT
|
1,926.83
|
1,440.78
|
34
|
5078.05
|
4896.1
|
4
|
5855.1
|
11579.31
|
-49
|
|
Share of Profit/(Loss) from
Associates
|
0.12
|
-0.06
|
LP
|
-0.3
|
-0.13
|
-131
|
-0.15
|
-0.23
|
35
|
|
PBT before EO
|
1926.95
|
1440.72
|
34
|
5077.75
|
4895.97
|
4
|
5854.95
|
11579.08
|
-49
|
|
EO Income
|
0
|
-378.39
|
-
|
0
|
-1215.98
|
-
|
-1369.46
|
-406.24
|
-237
|
|
PBT after EO
|
1926.95
|
1062.33
|
81
|
5077.75
|
3679.99
|
38
|
4485.49
|
11172.84
|
-60
|
|
Taxation
|
-1.04
|
544.06
|
LP
|
67.89
|
952.46
|
-93
|
1292.28
|
2924.53
|
-56
|
|
PAT
|
1927.99
|
518.27
|
272
|
5009.86
|
2727.53
|
84
|
3193.21
|
8248.31
|
-61
|
|
Minority Interest (MI)
|
-0.33
|
-0.4
|
18
|
6.81
|
797.05
|
-99
|
800.15
|
1012.68
|
-21
|
|
Net profit
|
1928.32
|
518.67
|
272
|
5003.05
|
1930.48
|
159
|
2393.06
|
7235.63
|
-67
|
|
EPS (Rs)*
|
#
|
#
|
|
#
|
#
|
|
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
|
|
bps : Basis points
|
|
EO : Extraordinary items
|
|
Figures in Rs crore
|
|
Source: Capitaline Corporate
Database
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|