JSPL net profit grows multifold to Rs 2,771 crore in April-June; output remains flat

Jindal Steel and Power Limited (JSPL) on Friday reported a multifold jump in consolidated net profit to Rs 2,770.88 crore for the quarter ended on June 30, 2022, on account of higher income.

The company's "total profit" was at Rs 14.25 crore in the April-June period of 2021-22, JSPL said in a BSE filing.

During the quarter under review, its total income rose to Rs 13,069.17 crore from Rs 10,643.17 crore a year ago.

Expenses were also higher at Rs 10,566.64 crore as against Rs 7,233.55 crore in the year-ago period.

According to the filing, "Shallu Jindal, Non-Executive Director, has, in view of her pre-occupation and other commitments, decided to step down from the Directorship of the company w.e.f. close of business hours on July 15, 2022." The board of the company has also approved the appointment of Ramkumar Ramaswamy and Sunil Kumar Agrawal as Additional Directors in the category of Executive Directors of the company with immediate effect.

In a separate statement, the company said its output of steel remained almost flat at 1.99 million tonne (MT) as compared to 2.01 MT in April-June 2021. While the sale of steel 1.74 MT against 1.61 MT a year ago.

The output of pellet fell to 1.92 MT, from 2.16 MT in the year ago quarter. The company sold 0.03 MT pellet as compared 0.40 MT in April-June 2021.

In Mozambique, the company's Chirodzi mine produced 0.93 MT ROM (run of mine) and sold 197 KT (kilo tonne) coking coal. Mozambique operations have reported an EBITDA (earnings before interest, taxes, depreciation, and amortization) of USD 43 million for 1QFY23, driven by higher sales volumes and realisations.

During April-June, Kiepersol mine in South Africa reported production of 146 KT ROM, and sales of 74 KT. The mine reported EBITDA of USD 11 million for the quarter.

Its Russel Vale mine in Australia produced 138 KT ROM, and dispatched 79 KT coking coal. The mine reported EBITDA of USD 3 million for the quarter. Wongawilli colliery remains under care and maintenance.

Part of OP Jindal Group, JSPL has a significant presence in the steel, power, and mining sectors with investments of Rs 90,000 crore across the globe.