On consolidated basis, Jindal Steel & Power's (JSPL) net profit from continuing operations surged to Rs 1,927.99 crore in Q3 FY24, steeply higher than Rs 518.27 crore recoreded in Q3 FY23.
Total revenue from operations declined 6.03% year on year to Rs 11,701.32 crore in the quarter ended 31 December 2023.
Total income stood at Rs 11,736.40 crore during the quarter, down 5.88% YoY.
Profit before tax was at Rs 1,926.95 crore in the December quarter, registering a growth 81.39% from Rs 1,062.33 recorded in Q3 FY23
The companys EBITDA, adjusted for one-off FX gains of Rs 41 crore, for Q3 FY24 was Rs 2,802 crore (up 19% YoY).
The production and sale of steel stood at 1.94 million tones (MT) (down 5.83% YoY) and 1.81 MT (down 4.74% YoY), respectively.
Robust performance was driven by improved NSR supported by lower raw material cost as benefits from captive thermal coal mines in India starts materialising, partly offset by lower volumes during the quarter, the company stated.
JSPLs net debt stood at Rs 9,115 crore as at 31 December 2023 as against Rs 7,713 crore as at 30 September 2023. Net debt to EBITDA stood at 0.92x as on 31 December 2023 as against 0.77x at 30 September 2023.
The company said that the balance sheet remains robust. The total capex for the quarter was at Rs 2,259 crore.
Naveen Jindal, chairman, Jindal Steel & Power, said, We are happy to share that JSP has achieved several important milestones during the quarter, which includes commissioning of the Utkal C thermal coal mines, state-of-the-art HSM and International EPD certifications for Hot Rolled Plates/Coils and Structural steel. This demonstrates both our commitment and capability to execute the capex plan as planned which will surely make JSP one of the most cost efficient and eco-friendly steel companies in India.
Jindal Steel & Power is a leading Indian infrastructure conglomerate with a presence in the steel, power, and mining sectors.
The scrip fell 2.07% to Rs 741.35 on the BSE.
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