Other income was Rs 3.11 crore compared to Rs 81 lakh in Q1FY20. Interest cost was down 9% to Rs 1004.11 crore. PBDT was up 30% to Rs 1383 crore. Depreciation fell 7% to Rs 981.81 crore. PBT reported was profit of Rs 401.19 crore compared to profit of Rs 11.28 crore. Tax expenses were Rs 133.61 crore compared to Rs 98.67 crore. Net profit reported was profit of Rs 267.58 crore compared to loss of Rs 87.39 crore.

Further considering minority interest and share of loss of associate net profit was Rs 183.1 crore compared to Rs 9.44 crore.

JSPL produced 2.03 million tonne of Steel (incl. pig iron) on the consolidated level (up 4% from 1.96 million tonne in Q1FY20) and sold 2.07 million tonne in the reported quarter (1.92 million tonne in Q1FY20, up by 8%).

Standalone Steel (incl. pig iron) production was 1.67 million tonne (vs. 1.57 million tonne in Q1FY20) and sales of 1.56 million tonne (1.51 million tonne in Q1FY20).

During Q1FY21, production of pellets was 1.87 million tonne (rise of 6% YoY). The company sold 0.83 million tonne during Q1FY21

Year ended Performance

For FY20 JSPL consolidated net sales fell 6% to Rs 36917.48 crore compared to FY'19. Operating margins of the company remained flat at 21.3%. As a result operating profits decreased 7% to Rs 7853.88 crore.

The company achieved its ever highest consolidated steel (incl. pig iron) sales of 7.94 million tonne in FY20, up 10% Y-o-Y and ever highest steel (incl. pig iron) production of 8.17 million tonne (up 12% from 7.30 million tonne in FY19).

Other income rose 67% Rs 26.24 crore compared to Rs 15.68 crore. PBDIT decreased 6% to Rs 7880.12 crore.

Interest cost was down 3% to Rs 4149.34 crore. PBDT decreased 10% to Rs 3730.78 crore.

Depreciation was down 29% to Rs 3867.23 crore. PBT before EO was loss of Rs 136.45 crore compared to loss of Rs 1323.29 crore.

The company had net EO expense of Rs 109.39 crore compared EO expense of Rs 1478.4 crore in FY'19. EO expense for FY20 represents advances and CWIP written off of a subsidiary Kineta Power. EO expense for FY19 includes Rs. 1274.46 crore (Rs. 1355.79 crore including a subsidiary company) write off of differential royalty amount paid in earlier year in view of the Hon'ble Supreme Court judgement levy of Rs. 295 PMT) dated 24th September 2014: and loss on discard of PGP plant and disputed Electricity duty liability of Rs. 379.38 crore of a captive unit: and Rs. 472.50 crore of early redemption price saving and write off of expenses of discontinued projects of Rs. 217.04 crore.

PBT after EO was loss of Rs 245.84 crore compared to loss of Rs 2801.69 crore.

Tax expenses were Rs 153.86 crore compared to tax credit of Rs 390.17 crore Net profit reported was loss of Rs 399.7 crore compared to loss of Rs 2411.52 crore.

Further considering minority interest and share of loss of associates' net loss was Rs 109.17 crore compared to loss of Rs 1645.34 crore.

The scrip is currently trading at Rs 172