Jindal Steel & Power Q1FY23 result : PAT up 30.39% to ₹1970 Cr, sales fall 16.34% QOQ

The company has posted a consolidated Net Profit of ₹1,970.13 crore in the financial year ended on June 30, 2022 as against ₹2,543.27 crore for the same quarter ended on last year June 30, 2021. The PAT surges down by 22.53%

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Jindal Steel and Power Ltd (JSPL) is one of India’s major steel producers with a significant presence in sectors like Mining Power Generation and Infrastructure. JSPL is a part of the US $ 18 billion diversified O. P. Jindal Group and is consistently tapping new opportunities by increasing production capacity diversifying investments and leveraging its core capabilities to venture into new businesses. The company produces economical and efficient steel and power through backward integration from its captive coal and iron-ore mines.

The company has posted its Q1FY23 financial results today, the details are as below :

(I) Unaudited Consolidated Financial Results for Quarter Ended (QOQ comparison):

The company has reported, a consolidated Total Income of ₹13,069.17 crore in the quarter ended on June 30, 2022 as against ₹14,341.91 crore in the last quarter ended on Mar 31, 2022, decreased by 8.87%.

The company has posted a consolidated Net Profit of ₹1,970.13 crore in the quarter ended on March 31, 2022 as against ₹1,510.90 crore in the previous quarter ended on June 30, 2022. The PAT surges up by 30.39%.

The status of the EPS of the company stood at ₹19.50 as on March 31, 2022 compared to the previous quarter ended on June, 2022 which was ₹14.81, up by 31.66%.

₹*June 30, 2022 (Q1FY23) Mar 31, 2022 (Q4FY22)
Total Income13,069.1714,341.91
Total Expenses10566.6411914.31
PBT /(Loss)2563.432021.36
Total Tax /(credit)573.39494.11
PAT /(Loss) [to the owners]1,970.131,510.90
*figures are in Crores

(I) Unaudited Consolidated Financial Results for Quarter Ended (YoY comparison):

The company has reported, a consolidated Total Income of ₹13,069.17 crore in the financial year ended on June 30, 2022 as against ₹10,643.17 crore for the same quarter ended on last year June 30, 2021 that increased by 22.79%.

The company has posted a consolidated Net Profit of ₹1,970.13 crore in the financial year ended on June 30, 2022 as against ₹2,543.27 crore for the same quarter ended on last year June 30, 2021. The PAT surges down by 22.53%.

The status of the EPS of the company stood at ₹19.50 as on June 30, 2022 compared to the quarter ended on last year June 30, 2021 which was ₹24.93, down by 21.78%.

₹*June 30, 2022 (Q1FY23)June 30, 2021 (Q1FY22)
Total Income13,069.1710,643.17
Total Expenses10566.647233.55
PBT /(Loss)2563.433409.62
Total Tax /(credit)573.39893.91
PAT /(Loss) [to the owners]1,970.132,543.27
*figures are in Crores
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(III) Key Highlights about the Performance :

  • Adjusted EBITDA: INR 14,738Cr
  • Steel production : 1.99 million tonnes
  • Steel sales : 1.74 million tonnes, DOWN 16.34% Compared to prev quarter
  • Net Debt to EBITDA has improved to 0.54x (from 0.57x in the previous quarter

Global Ventures

  1. Mozambique: Chirodzi mine produced 0.93 MT ROM (-11% Q-o-Q,-1% YoY) in 1QFY23. However, coking coal sales of 197 KT were 25% higher Q-o-Q (+36% Y-o-Y). Mozambique operations reported EBITDA of US$43mn for 1QFY23, driven by higher sales volumes and realisations.
  2. b) South Africa: During 1QFY23, Kiepersol mine in South Africa reported production of 146 KT ROM (+12% Q-o-Q, -1% Y-o-Y) and sales of 74KT (-20% Q-o-Q, +2% Y-o-Y). The mine reported EBITDA of US$11mn for the quarter
  3. c) Australia: During 1QFY23, Russel Vale mine produced 138 KT ROM (+10 % Q-o-Q). Dispatches also increased 8% Q-o-Q to 79KT. The mine reported EBITDA of US$3mn for the quarter. Wongawilli colliery remains under care & maintenance
  4. Jindal Steel & Power posted 5% Y-o-Y rise in Steel Sales during May 2022 – check it out.
jindal steel production

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The stocks of Jindal Steel & Power Ltd last hit in BSE,

  • Intraday High of ₹ 364.00
  • Intraday low of ₹ 342.90