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Jindal Steel and Power Q3 results: Posts profit of Rs 2,432 crore, revenue up 39%

JSPL Q3 results: The consolidated revenue jumped by 40 per cent to Rs 10,534 crore compared to Rs 7,526 crore in Q3 FY20, driven by strong performance in India steel as well as power business

Chitranjan Kumar | January 21, 2021 | Updated 17:38 IST
Jindal Steel and Power Q3 results: Posts profit of Rs 2,432 crore, revenue up 39%
Jindal Steel and Power reports PAT at Rs 2,432 crore in December quarter

Jindal Steel and Power Ltd (JSPL) on Thursday reported a consolidated net profit after tax (PAT) at Rs 2,432 crore for the third quarter ended December 31, 2020, on the back of improvement in operating and financial leverage. The steel and energy company had posted net loss of Rs 257 crore in December quarter of 2019, JSPL said in a regulatory filing on Thursday.

The consolidated revenue jumped by 40 per cent to Rs 10,534 crore compared to Rs 7,526 crore in Q3 FY20, driven by strong performance in India steel as well as power business.

The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) surged by 170 per cent to Rs 4,252 crore from Rs 1,574 crore in the year ago period. "All operational assets except Australia reported positive EBITDA in Q3 FY21," JSPL said.

"December quarter showed recovery signs for the entire steel industry in India with utilisation levels as well as domestic demand rising month on month. However, steel industry continues to struggle with raw material scarcity amplified by exponential rise in domestic and international iron ore prices," JSPL said in a filing to the BSE.

During October-December quarter, JSPL standalone reported highest-ever steel production volumes (including pig iron) at 1.93 million tonnes (up 20 per cent YoY) and sales of 1.87 million tonnes (up 12 per cent YoY).

As domestic demand continued to recover, JSPL raised its sales within India which was reflected in declining share of exports to 21 per cent versus 38 per cent in Q2 FY21, the company said.

During the quarter under review, pellet production increased 3 per cent YoY. External sales of pellets, however, reduced to 0.40 million tonnes (down 38 per cent YoY) on higher internal consumption as steel volumes continue to ramp up.

"Q3 FY21 also saw JSPL becoming India's first private company to get the "Regular Supplier" status from Indian Railways to supply 60kg 880 grade (90UTS) Rails," it said.

Following Q3 results, shares of Jindal Steel and Power ended day's trade at Rs 301.10, down 1.26 per cent, against the previous closing price of Rs 304.95 on the BSE.

Also Read: Bajaj Finance Q3 results: Profit falls 29% to Rs 1,146 cr, writes off Rs 2,335 cr loans under moratorium

Also Read: Federal Bank Q3 results: Profit drops 8% to Rs 404 crore on over 2-fold rise in provisions

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