Jindal Stainless Q4FY23 PAT down -12.8% at Rs766 crore on higher input costs and inventory losses

Jindal Stainless reported 0.4% higher revenues for the March 2023 quarter on consolidated basis at Rs9,765cr on weak export demand. Sequential revenues were up 7.75%. Sales volumes for Q4FY23 were up 8% at 507,632 MT. EBITDA at Rs1,097 crore on standalone basis was up 16% sequentially. The company faced a lot of problems from dumping of stainless steel buy China and Indonesia into India, which kept prices under pressure.

For full fiscal year FY23, Jindal Stainless reported 6% higher volumes at 17,64,405 MT. EBITDA for the full year stood at Rs35,697 crore for the full fiscal year. During the year, the company completed the merger of Jindal Steel Hissar Ltd into Jindal Steel Ltd. The company had declared final dividend for the year at Rs1.50 per share taking the total dividend pay out to Rs2.50 per share.

Financial highlights for Mar-23 compared yoy and sequentially

 Jindal Stainless

Rs in CroreMar-23Mar-22YOYDec-22QOQ
Total Income (Rs cr)₹ 9,765₹ 9,7260.40%₹ 9,0637.75%
Operating Profit (Rs cr)₹ 1,143₹ 1,412-19.03%₹ 86831.71%
Net Profit (Rs cr)₹ 766₹ 878-12.75%₹ 49853.92%
      
Diluted EPS (Rs)₹ 9.30₹ 10.72 ₹ 6.04 
OPM11.71%14.52% 9.58% 
Net Margins7.84%9.02% 5.49% 

 

The pressure on profits came from dumping of steel and has recommended countervailing duties. During the year imports of stainless steel from China was up 318% while the imports of stainless steel from Indonesia was up 158%. The net debt of the company stands at Rs2,591 crore as of the end of the fiscal year.

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