|
Jindal
Steel & Power consolidated net sales increased 34.96% to Rs 12524.86 crore
in Q3FY22 compared to Q3FY21. Sales of
Iron & Steel segment has gone up 32.72% to Rs 12,025.75 crore (accounting
for 89.30% of total sales). Sales of Power segment has gone up 14.39% to Rs
1,072.00 crore (accounting for 7.96% of total sales). Sales of Others segment
rose 211.82% to Rs 369.51 crore (accounting for 2.74% of total sales). Inter-segment sales rose Rs 835.82 crore to
Rs 942.40 crore.
Operating
profit margin has declined from 42.28% to 26.43%, leading to 15.63% decline in
operating profit to Rs 3,310.18 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 21.84% to 40.50%. Purchase of finished goods cost fell from
6.50% to 5.54%. Employee cost decreased
from 2.23% to 1.90%. Other expenses
rose from 26.63% to 26.87%. Preoperation capitalised expenses rose from 0.06%
to 0.15%.
Other
income fell 97.11% to Rs 10.49 crore.
PBIDT fell 22.54% to Rs 3320.67 crore.
Profit before interest, tax and other unallocable items (PBIT) has
slumped 21.16% to Rs 2,786.70 crore.
PBIT of Iron & Steel segment fell 29.43% to Rs 2,295.02 crore
(accounting for 82.36% of total PBIT).
PBIT of Power segment rose 62.42% to Rs 391.21 crore (accounting for
14.04% of total PBIT). PBIT of Others
segment rose 140.70% to Rs 100.47 crore (accounting for 3.61% of total
PBIT).
PBIT
margin of Iron & Steel segment fell from 35.89% to 19.08%. PBIT margin of Power segment rose from 25.70%
to 36.49%. PBIT margin of Others segment
fell from 35.22% to 27.19%. Overall PBIT
margin fell from 34.94% to 20.69%.
Provision
for interest fell 26.64% to Rs 471.78 crore.
PBDT fell 21.81% to Rs 2848.89 crore.
Provision for depreciation rose 0.84% to Rs 613.39 crore. Profit before tax down 26.35% to Rs 2,235.50
crore. Provision for tax was expense of
Rs 613.82 crore, compared to Rs 423.62 crore.
Effective tax rate was 27.46% compared to 14.79%. Minority interest
decreased 97% to Rs 4.99 crore. Net
profit attributable to owners of the company decreased 29% to Rs 1616.67
crore.
Promoters’
stake was 60.44% as of 31 December 2021 compared to 60.47% as of 31 December
2020 . Promoters pledged stake was
40.10% as of 31 December 2021 compared to 47.76% as of 31 December 2020.
For year-to-date
(YTD) results analysis
Net
sales of Jindal Steel & Power have increased 53.45% to Rs 36746.07
crore. Sales of Iron & Steel segment
has gone up 54.09% to Rs 35,405.01 crore (accounting for 89.51% of total
sales). Sales of Power segment has gone
up 16.25% to Rs 3,133.12 crore (accounting for 7.92% of total sales). Sales of Others segment rose 45.13% to Rs
1,015.09 crore (accounting for 2.57% of total sales). Inter-segment sales rose Rs 2,424.17 crore to
Rs 2,807.15 crore.
Operating
profit margin has declined from 33.94% to 33.86%, leading to 53.10% rise in
operating profit to Rs 12,443.24 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 26.92% to 35.15%. Purchase of finished goods cost fell from
6.46% to 4.19%. Employee cost decreased
from 2.63% to 1.82%. Other expenses
fell from 29.40% to 26.11%.
Other
income fell 90.62% to Rs 47.94 crore.
PBIDT rose 44.59% to Rs 12491.18 crore.
Profit before interest, tax and other unallocable items (PBIT) have
jumped 59.72% to Rs 10,850.43 crore.
PBIT of Iron & Steel segment rose 61.64% to Rs 9,551.40 crore
(accounting for 88.03% of total PBIT).
PBIT of Power segment rose 48.35% to Rs 1,055.26 crore (accounting for
9.73% of total PBIT). PBIT of Others
segment rose 40.71% to Rs 243.77 crore (accounting for 2.25% of total
PBIT).
PBIT
margin of Iron & Steel segment rose from 25.72% to 26.98%. PBIT margin of Power segment rose from 26.39%
to 33.68%. PBIT margin of Others segment
fell from 24.77% to 24.01%. Overall PBIT
margin rose from 25.76% to 27.43%.
Provision
for interest fell 30.46% to Rs 1514.23 crore. PBDT rose 69.89% to Rs 10976.95
crore. Provision for depreciation fell
0.04% to Rs 1825.24 crore.
Profit
before tax grew 97.44% to Rs 9,151.71 crore.
Provision for tax was expense of Rs 2430.42 crore, compared to Rs 890.83
crore. Effective tax rate was 26.56%
compared to 19.96%. Minority interest decreased 31.53% to Rs 316.61 crore. Net profit attributable to owners of the
company increased 105.93% to Rs 6,404.66 crore.
Promoters’
stake was 60.44% as of 31 December 2021 compared to 60.47% as of 31 December
2020. Promoters pledged stake was 40.10%
as of 31 December 2021 compared to 47.76% as of 31 December 2020.
JSPL Standalone
Performance
During
3QFY22, JSPL reported steel Sales (incl. pig iron) of 1.82 million tonnes,
which were lower than production of 1.96 million tonne due to logistical
challenges encountered earlier and subdued domestic demand. Export share for
JSP declined to 23% during the quarter (vs. more than 40% share in the prior
quarter). Higher internal consumption resulted in negligible external sales of
pellets (8kt in 3QFY22). For 9MFY22, JSPL reported steel shipments of 5.56
million tonne and production of 5.90 million tonne.
Higher
realisations resulted in JSPL reporting gross revenues of Rs 13,581 crore (37%
YoY). Q3FY22 EBITDA of Rs 3168 crore fell 19% YoY as impact of higher realisations
was more than offset by sharp rise in raw material cost, lower steel and pellet
sales. Profit after tax (PAT) declined 23% YoY due to lower operating profit
and higher tax expense partially offset by lower finance costs. For 9MFY22,
JSPL reported EBITDA of Rs 12210 crore and PAT of Rs 7086 crore.
Global Ventures
Mozambique: Chirodzi mine produced
1.1 MT ROM in 3QFY22. Mozambique operations reported 3QFY22 EBITDA of c.US$
22mn .
South Africa: Kiepersol mine in
South Africa produced 157 KT ROM. The mine reported an EBITDA of c.US$ 3mn for
the quarter.
Australia: Resumption of
operations at Russell Vale mine post receiving the final go ahead from the
regulatory authorities coupled with buoyant coking coal prices has resulted in
WCL (Wollongong Coal Limited) reporting an EBITDA of c.US$ 9mn compared to
losses reported in the past 16 quarters. WCL has reported sales of 95 KT during
the quarter. Wongawilli colliery however continues to remain under care &
maintenance.
The
scrip is currently trading at Rs 412
|
Jindal Steel & Power : Consolidated Results
|
|
Particulars
|
2112 (03)
|
2012 (03)
|
Var.(%)
|
2112 (09)
|
2012 (09)
|
Var.(%)
|
2103 (12)
|
2003 (12)
|
Var.(%)
|
|
Net Sales
|
12,524.86
|
9,280.54
|
35
|
36,746.07
|
23,946.82
|
53
|
34,540.54
|
30,464.56
|
13
|
|
OPM (%)
|
26.4
|
42.3
|
|
33.9
|
33.9
|
|
37.9
|
22.4
|
|
|
OP
|
3,310.18
|
3,923.35
|
-16
|
12,443.24
|
8,127.65
|
53
|
13,091.26
|
6,814.66
|
92
|
|
Other Inc.
|
10.49
|
363.34
|
-97
|
47.94
|
511.21
|
-91
|
532.01
|
26.24
|
999
|
|
PBIDT
|
3,320.67
|
4,286.69
|
-23
|
12,491.18
|
8,638.86
|
45
|
13,623.27
|
6,840.90
|
99
|
|
Interest
|
471.78
|
643.09
|
-27
|
1,514.23
|
2,177.63
|
-30
|
2,753.34
|
3,767.88
|
-27
|
|
PBDT
|
2,848.89
|
3,643.60
|
-22
|
10,976.95
|
6,461.23
|
70
|
10,869.93
|
3,073.02
|
254
|
|
Depreciation
|
613.39
|
608.28
|
1
|
1825.24
|
1826.05
|
0
|
2414.13
|
3428.87
|
-30
|
|
PBT
|
2,235.50
|
3,035.32
|
-26
|
9151.71
|
4635.18
|
97
|
8455.8
|
-355.85
|
LP
|
|
Share of Profit/(Loss) from
Associates
|
-0.02
|
0
|
-
|
-0.02
|
0
|
-
|
0
|
0
|
-
|
|
PBT before EO
|
2235.48
|
3035.32
|
-26
|
9151.69
|
4635.18
|
97
|
8455.8
|
-355.85
|
LP
|
|
EO Income
|
0
|
-171.81
|
-
|
0
|
-171.81
|
-
|
-203.92
|
64.6
|
PL
|
|
PBT after EO
|
2235.48
|
2863.51
|
-22
|
9151.69
|
4463.37
|
105
|
8251.88
|
-291.25
|
LP
|
|
Taxation
|
613.82
|
423.62
|
45
|
2430.42
|
890.83
|
173
|
1810.81
|
108.45
|
999
|
|
PAT
|
1621.66
|
2439.89
|
-34
|
6721.27
|
3572.54
|
88
|
6441.07
|
-399.7
|
LP
|
|
Minority Interest (MI)
|
4.99
|
177.68
|
-97
|
-22.87
|
320.51
|
LP
|
289.25
|
-290.53
|
PL
|
|
Net profit
|
1616.67
|
2262.21
|
-29
|
6744.14
|
3252.03
|
107
|
6151.82
|
-109.17
|
LP
|
|
EPS (Rs)*
|
#
|
#
|
|
#
|
#
|
|
58.3
|
-1.7
|
|
|
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
|
|
Jindal Steel & Power :
Consolidated Segment Results
|
|
|
% of (Total)
|
2112 (03)
|
2012 (03)
|
Var.(%)
|
% of (Total)
|
2112 (09)
|
2012 (09)
|
Var.(%)
|
% of (Total)
|
2103 (12)
|
2003 (12)
|
Var.(%)
|
|
Sales
|
|
|
|
|
|
Iron & Steel
|
89
|
12,025.75
|
9,060.75
|
33
|
90
|
35,405.01
|
22,976.40
|
54
|
88
|
33,191.92
|
25,496.41
|
30
|
|
Power
|
8
|
1,072.00
|
937.11
|
14
|
8
|
3,133.12
|
2,695.14
|
16
|
10
|
3,678.83
|
6,855.45
|
-46
|
|
Others
|
3
|
369.51
|
118.5
|
212
|
3
|
1,015.09
|
699.45
|
45
|
3
|
952.05
|
1,193.52
|
-20
|
|
Total Reported Sales
|
100
|
13,467.26
|
10,116.36
|
33
|
100
|
39,553.22
|
26,370.99
|
50
|
100
|
37,822.80
|
33,545.38
|
13
|
|
Less: Inter segment revenues
|
|
942.4
|
835.82
|
13
|
|
2,807.15
|
2,424.17
|
16
|
|
3,282.26
|
3,080.82
|
7
|
|
Net Sales
|
|
12,524.86
|
9,280.54
|
35
|
|
36,746.07
|
23,946.82
|
53
|
|
34,540.54
|
30,464.56
|
13
|
|
PBIT
|
|
|
|
|
|
Iron & Steel
|
82
|
2,295.02
|
3,252.01
|
-29
|
88
|
9,551.40
|
5,909.03
|
62
|
89
|
10,066.54
|
3,267.40
|
208
|
|
Power
|
14
|
391.21
|
240.86
|
62
|
10
|
1,055.26
|
711.32
|
48
|
8
|
932.27
|
586.67
|
59
|
|
Others
|
4
|
100.47
|
41.74
|
141
|
2
|
243.77
|
173.24
|
41
|
2
|
268.64
|
559.74
|
-52
|
|
Total PBIT
|
100
|
2,786.70
|
3,534.61
|
-21
|
100
|
10,850.43
|
6,793.59
|
60
|
100
|
11,267.45
|
4,413.81
|
155
|
|
Less : Interest
|
|
471.78
|
643.09
|
-27
|
|
1,514.23
|
2,177.63
|
-30
|
|
2,753.34
|
3,767.88
|
-27
|
|
Add: Other un-allcoable
|
|
-79.42
|
-28.01
|
-184
|
|
-184.49
|
-152.59
|
-21
|
|
-262.23
|
-1,111.17
|
76
|
|
PBT
|
|
2,235.50
|
2,863.51
|
-22
|
|
9,151.71
|
4,463.37
|
105
|
|
8,251.88
|
-465.24
|
LP
|
|