JSPL Reports a Net Profit of Rs 903 crores in Quarter-2 of this Financial Year

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Rails manufactured by JSPL.

NEW DELHI (Metro Rail News): Jindal Steel & Power Ltd has reported a consolidated net profit of Rs 903.30 crore, during the September quarter of the financial year 2021, as against a net loss of Rs 321 crore during the same period last year on the back of increased steel prices and better domestic demand in the market. JSPL had reported a net profit of Rs 290 crore during the previous quarter (i.e. April – June 2020).
“Quarter ended September’20 went well for the entire Steel industry in India with utilization levels increasing and domestic demand coming back as the lockdown eased and business normalized across the country,” the JSPL said in a statement.
“The domestic demand returned and our company increased its sales within India… On the back of increased volumes and the marginal increase in realisations, JSPL standalone reported gross revenue of Rs. 8,667 crore,” a statement read.

The company’s consolidated gross revenue for the quarter was recorded at Rs 9,804, up 22% year-on-year as against Rs 8,047 crore in the same period last year.

JSPL Rails.

JSPL Standalone Performance

During 2QFY21, JSPL Standalone reported highest ever steel production volumes (incl. pig iron) at 1.84 million tonnes (Up 16% YoY) and sales of 1.93 million tonnes (up 30% YoY). As domestic demand returned, the company increased its sales within India, reflected in declining export trend in the reported quarter, declining to 38% (vs. 58% in 1QFY21). Exports stood at 0.74 million tonnes.

While the flat prices rallied during the quarter, long prices were largely range bound during the monsoons, though overall better on a sequential basis. On back of increased volumes and marginal increase in realisations, JSPL Standalone reported gross revenue of Rs. 8,667 Cr. Increasing efficiencies and lower raw material costs helped JSPL Standalone post it’s reported highest ever EBITDA at Rs. 2,435 Cr (Up 33% QoQ).

During 2QFY21, production of pellets was 2.01 million tonnes. The company recorded external pellet sales of 0.73 million tonne during 2QFY21.

JSPL Consolidated (Ex-Oman)Performance

In 2QFY21, JSPL reported Consolidated Gross Revenue of Rs. 9,804 Cr (up 14 % YoY) while Consolidated EBITDA increased to Rs. 2,702 Cr (up 78% YoY).

Net Debt to EBITDA (Trailing) at the end of the quarter ending September’20 stood at 3.52 x (vs 4.20x as of June’2020) (EX-Oman). As of September -end FY2021, JSPL reported Consolidated Net Debt of Rs. 28,910 Cr. On a constant currency basis, based on 31st Mar’20 exchange rates, the Net Debt reported would be Rs. 29,052 Cr (Ex-Oman). (Reduction of 6,867 Cr since March’20).

Shares of JINDAL STEEL & POWER LTD. was last trading in BSE at Rs.189.6 as compared to the previous close of Rs. 190.55. The total number of shares traded during the day was 373444 in over 4592 trades. The stock hit an intraday high of Rs. 192.85 and intraday low of 185.9. The net turnover during the day was Rs. 70752859.

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