|
Jindal
Steel & Power consolidated net sales increased 62.78% to Rs 10609.5
crore. Sales of Iron & Steel segment
has gone up 64.86% to Rs 10,243.25 crore (accounting for 88.95% of total
sales). Sales of Power segment has gone
up 26.74% to Rs 1,028.69 crore (accounting for 8.93% of total sales). Sales of Others segment fell 3.42% to Rs
243.79 crore (accounting for 2.12% of total sales). Inter-segment sales rose Rs 759.76 crore to
Rs 906.23 crore.
Operating
profit margin has jumped from 27.77% to 42.78%, leading to 150.83% rise in
operating profit to Rs 4,538.95 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 33.93% to 29.05%.
Purchase of finished goods cost fell from 5.05% to 4.24%. Employee cost decreased from 3.15% to
1.92%. Other expenses fell from 30.44%
to 25.53%.
Other
income rose 1,824% to Rs 33.67 crore. Profit before interest, tax and other
unallocable items (PBIT) has jumped 197.87% to Rs 4,021.08 crore. PBIT of Iron & Steel segment rose 248.44%
to Rs 3,670.52 crore (accounting for 91.28% of total PBIT). PBIT of Power segment rose 32.78% to Rs
299.39 crore (accounting for 7.45% of total PBIT). PBIT of Others segment fell 27.99% to Rs
51.17 crore (accounting for 1.27% of total PBIT).
PBIT
margin of Iron & Steel segment rose from 16.95% to 35.83%. PBIT margin of Power segment rose from 27.78%
to 29.10%. PBIT margin of Others segment
fell from 28.15% to 20.99%. Overall PBIT
margin rose from 18.55% to 34.92%.
Provision for interest fell 32.76% to Rs
560.76 crore. Provision for depreciation
fell 0.61% to Rs 602.24 crore. Profit
before tax grew 818.12% to Rs 3,409.62 crore.
Provision for tax was expense of Rs 893.91 crore, compared to Rs 135.66
crore. Net profit attributable to owners
of the company was Rs 2543.27 crore compared to Rs 153.2 crore
Promoters’
stake was 60.47% as of 30 June 2021 compared to 60.48% as of 30 June 2020
. Promoters pledged stake was 39.52% as
of 30 June 2021 compared to 57.28% as of 30 June 2020.
JSPL Standalone
Performance
During
Q1FY22 JSPL Standalone reported steel production (incl. pig iron) of 2.01
million tonne (Up 20% YoY), a record first quarter production. While the
domestic demand was severely impacted by the second wave of COVID-19, lucrative
export markets aided company’s effort in improving sales compared to previous
year (1.61mt, +3% YoY). Share of exports increased to 34% in 1QFY22 compared to
27% in the prior quarter.
Higher
sales volumes and uptick in the steel prices resulted in revenues rising by 65%
YoY to Rs 10385 crore. EBITDA also surged to Rs 4524 crore partially offset by
higher costs. Strong operating profit and declining finance costs have resulted
in JSPL standalone posting a quarterly profit of Rs 2661 crore.
Pellet
production in Q1FY22 increased to 2.16 million tonne (up 6 % QoQ). External
sales of pellets also increased to 0.40 million tonnes (up 39% QoQ) due to
higher production of pellets as steel production was broadly stable QoQ.
Global Ventures
Mozambique: Chirodzi mine
produced 938 KT ROM (up 42% YoY) in 1QFY22.The Mozambique operations continued
to ramp up production. Mozambique operations reported EBITDA at US$ 3.3mn for
Q1FY22.
South Africa: During Q1FY22,
Kiepersol mine in South Africa produced 148 KT ROM (up 10% QoQ). The mine
reported EBITDA of US$ 0.3mn for the quarter.
Australia: Russell Vale mine
is now ready to start production and awaiting final go ahead from the
regulatory authorities. Wongawilli colliery continues to remain under care
& maintenance.
FY21 consolidated
performance
Net
sales of Jindal Steel & Power has increased 13.38% to Rs 34540.54
crore. Sales of Iron & Steel segment
has gone up 30.18% to Rs 33,191.92 crore (accounting for 87.76% of total
sales). Sales of Power segment has gone
down 46.34% to Rs 3,678.83 crore (accounting for 9.73% of total sales). Sales of Others segment fell 20.23% to Rs
952.05 crore (accounting for 2.52% of total sales). Inter-segment sales rose Rs 3,080.82 crore to
Rs 3,282.26 crore.
Operating
profit margin has jumped from 22.37% to 37.90%, leading to 92.10% rise in
operating profit to Rs 13,091.26 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 35.25% to 25.94%.
Purchase of finished goods cost rose from 1.87% to 5.67%. Employee cost decreased from 2.98% to 2.39%. Other expenses fell from 37.63% to
27.88%. Preoperation capitalised
expenses fell from 0.31% to 0.11%.
Other
income rose 1,927.48% to Rs 532.01 crore. Profit before interest, tax and other
unallocable items (PBIT) has jumped 155.28% to Rs 11,267.45 crore. PBIT of Iron & Steel segment rose 208.09%
to Rs 10,066.54 crore (accounting for 89.34% of total PBIT). PBIT of Power segment rose 58.91% to Rs
932.27 crore (accounting for 8.27% of total PBIT). PBIT of Others segment fell 52.01% to Rs
268.64 crore (accounting for 2.38% of total PBIT).
PBIT
margin of Iron & Steel segment rose from 12.82% to 30.33%. PBIT margin of Power segment rose from 8.56%
to 25.34%. PBIT margin of Others segment
fell from 46.90% to 28.22%. Overall PBIT
margin rose from 13.16% to 29.79%.
Provision
for interest fell 26.93% to Rs 2753.34 crore.
Loan funds declined from Rs 30,675.40 crore as of 31 March 2020 to Rs
21,551.20 crore as of 31 March 2021.
Inventories declined from Rs 6,368.71 crore as of 31 March 2020 to Rs
5,942.57 crore as of 31 March 2021.
Sundry debtors were lower at Rs 2,794.40 crore as of 31 March 2021
compared to Rs 3,549.26 crore as of 31 March 2020. Cash and bank balance rose to Rs 6,152.22
crore as of 31 March 2021 from Rs 906.23 crore as of 31 March 2020. Investments rose to Rs 1,155.54 crore as of
31 March 2021 from Rs 180.59 crore as of 31 March 2020 .
Provision
for depreciation fell 29.59% to Rs 2414.13 crore. Fixed assets declined from Rs 69,193.57 crore
as of 31 March 2020 to Rs 52,765.42 crore as of 31 March 2021. Intangible assets declined from Rs 3,313.57
crore to Rs 3,295.79 crore.
The
company reproted PBT of Rs 8455.8 crore compared to loss of Rs 355.85 crore.
The company reported EO expense of Rs 203.92 crore compared to EO income of Rs
64.6 crore. PBT after EO was Rs 8251.88 crore compared to loss of Rs 291.25
crore. Tax expense was Rs 1810.81 crore compared to Rs 108.45 crore. Net profit
was Rs 6151.82 crore compared to loss of Rs 109.17 crore.
Equity
capital stood at Rs 102.00 crore as of 31 March 2021 to Rs 102.00 crore as of
31 March 2020. Per share face Value remained
same at Rs 1.00.
Promoters’
stake was 60.47% as of 31 March 2021 ,compared to 60.48% as of 31 March 2020
. Promoters pledged stake was 41.65% as
of 31 March 2021 ,compared to 74.80% as of 31 March 2020 .
Cash
flow from operating activities increased to Rs 11,960.93 crore for year ended
March 2021 from Rs 8,814.32 crore for year ended March 2020. Cash flow used in acquiring fixed assets
during the year ended March 2021 stood at Rs 858.11 crore, compared to Rs
1,540.28 crore during the year ended March 2020.
The
scrip is currently trading at Rs 415
|
Jindal Steel & Power : Consolidated Results
|
|
|
Quarter
ended
|
Year
ended
|
|
Particulars
|
202106
|
202006
|
Var.(%)
|
202103
|
202003
|
Var.(%)
|
|
Net Sales
|
10,609.50
|
6,517.52
|
63
|
34,540.54
|
30,464.56
|
13
|
|
OPM (%)
|
42.8
|
27.8
|
|
37.9
|
22.4
|
|
|
OP
|
4,538.95
|
1,809.59
|
151
|
13,091.26
|
6,814.66
|
92
|
|
Other Inc.
|
33.67
|
1.75
|
999
|
532.01
|
26.24
|
999
|
|
PBIDT
|
4,572.62
|
1,811.34
|
152
|
13,623.27
|
6,840.90
|
99
|
|
Interest
|
560.76
|
834.02
|
-33
|
2,753.34
|
3,767.88
|
-27
|
|
PBDT
|
4,011.86
|
977.32
|
311
|
10,869.93
|
3,073.02
|
254
|
|
Depreciation
|
602.24
|
605.95
|
-1
|
2414.13
|
3428.87
|
-30
|
|
PBT
|
3,409.62
|
371.37
|
818
|
8,455.80
|
-355.85
|
LP
|
|
Share of Profit/(Loss) from
Associates
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT before EO
|
3409.62
|
371.37
|
818
|
8455.8
|
-355.85
|
LP
|
|
EO Income
|
0
|
0
|
999
|
-203.92
|
64.6
|
PL
|
|
PBT after EO
|
3409.62
|
371.37
|
523
|
8251.88
|
-291.25
|
LP
|
|
Taxation
|
893.91
|
135.66
|
559
|
1810.81
|
108.45
|
999
|
|
PAT
|
2515.71
|
235.71
|
967
|
6441.07
|
-399.7
|
LP
|
|
Minority Interest (MI)
|
-27.56
|
82.51
|
LP
|
289.25
|
-290.53
|
PL
|
|
Net profit
|
2543.27
|
153.2
|
999
|
6151.82
|
-109.17
|
LP
|
|
EPS (Rs)*
|
#
|
#
|
|
61.9
|
|
|
|
Notes
|
|
* EPS is on current equity of Rs
102.00 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
|
|
Jindal Steel & Power :
Consolidated Segment Results
|
|
|
Quarter
ended
|
Year
ended
|
|
|
% of (Total)
|
202106
|
202006
|
Var.(%)
|
% of (Total)
|
202103
|
202003
|
Var.(%)
|
|
Sales
|
|
Iron & Steel
|
89
|
10,243.25
|
6,213.20
|
65
|
88
|
33,191.92
|
25,496.41
|
30
|
|
Power
|
9
|
1,028.69
|
811.67
|
27
|
10
|
3,678.83
|
6,855.45
|
-46
|
|
Others
|
2
|
243.79
|
252.41
|
-3
|
3
|
952.05
|
1,193.52
|
-20
|
|
Total Reported Sales
|
100
|
11,515.73
|
7,277.28
|
58
|
100
|
37,822.80
|
33,545.38
|
13
|
|
Less: Inter segment revenues
|
|
906.23
|
759.76
|
19
|
|
3,282.26
|
3,080.82
|
7
|
|
Net Sales
|
|
10,609.50
|
6,517.52
|
63
|
|
34,540.54
|
30,464.56
|
13
|
|
PBIT
|
|
Iron & Steel
|
91
|
3,670.52
|
1,053.43
|
248
|
89
|
10,066.54
|
3,267.40
|
208
|
|
Power
|
7
|
299.39
|
225.47
|
33
|
8
|
932.27
|
586.67
|
59
|
|
Others
|
1
|
51.17
|
71.06
|
-28
|
2
|
268.64
|
559.74
|
-52
|
|
Total PBIT
|
100
|
4,021.08
|
1,349.96
|
198
|
100
|
11,267.45
|
4,413.81
|
155
|
|
Less : Interest
|
|
560.76
|
834.02
|
-33
|
|
2,753.34
|
3,767.88
|
-27
|
|
Add: Other un-allcoable
|
|
-50.7
|
-144.57
|
-65
|
|
-262.23
|
-1,111.17
|
-76
|
|
PBT
|
|
3,409.62
|
371.37
|
818
|
|
8,251.88
|
-465.24
|
LP
|
|