Jindal Steel and Power Ltd (JSPL), reported an over 69 per cent drop in consolidated net profit to ₹466 crore for the quarter ended March 31, 2023. Profit after tax in the year ago period was ₹1527 crore.

The consolidated revenue for the period under review was ₹1,5781 crore, down 2 per cent y-o-y.

For FY23, profit after tax (from continuing operations) dropped 61 per cent y-o-y to ₹3193 crore. Profit in FY22 was ₹8248 crore. The consolidated gross revenue for the full year of operations was ₹60,505 crore, higher by 6.5 per cent y-o-y.

EBITDA

Adjusted EBITDA stood at ₹2,240 crore for the quarter despite sharp increase in raw material costs.; while for the full year, adjusted EBITDA was ₹9,700 crore despite strong cost inflation through the year and impact of imposition of export duty for a substantial part of the year.

Net debt reduced by ₹1,923 crore during the year.

Consolidated net debt as of March 31, 2023 stood at 6,953 crore. Net debt to EBITDA stood at 0.7x as on March 31, 2023 versus 0.7x in the December quarter ending and 0.6x in FY22.

Growth plans

According to Bimlendra Jha, Managing Director, JSPL, the company’s balance sheet is the strongest amongst the large integrated steel players of the country and leverage ratios “are also amongst the lowest” compared with the large integrated steel players in India despite volatile macro environment.

“Our focus on cash generation is one of the key factors driving our growth. We are on track with our stated growth plans and are working towards making our Angul Integrated steel complex more cost competitive with the opening of coal mines at Utkal-c in near future”, he said.

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