JSPL Q4FY23 PAT down -69% at Rs463 crore due to exceptional gains from discontinued business in Q4FY22

Jindal Steel & Power reported -4.52% lower revenues for the March 2023 quarter on consolidated basis at Rs13,692cr on lower metal prices. Sequential revenues were up 9.95%, but that is more due to a weak December quarter. In FY23, India’s steep production grew by 5% yoy at 126.3 MT while consumption grew 13% at 119.9 MT. The higher duties on exports led to a sharp fall in exports of steel and a rise in imports in the current fiscal year.

For FY23, the gross revenues stood at Rs60,505 crore while adjusted EBITDA for the year stood at Rs9,700 crore. JSPL has continues its deleveraging and reduced its net debt by Rs1,923 crore. Total Net debt now stands at Rs6,953 crore. In the quarter, JSPL produced 2.02 MT of steel and 1.90 MT of pellets; both lower than the year ago period due to export restrictions. The sharp fall in loss was on account of exceptional gains in the base quarter from discontinued businesses.

Financial highlights for Mar-23 compared yoy and sequentially

Jindal Steel & Power

Rs in CroreMar-23Mar-22YOYDec-22QOQ
Total Income (Rs cr)₹ 13,692₹ 14,339-4.52%₹ 12,4529.95%
Operating Profit (Rs cr)₹ 2,240₹ 2,899-22.73%₹ 2,296-2.44%
Net Profit (Rs cr)₹ 463₹ 1,511-69.39%₹ 519-10.82%
      
Diluted EPS (Rs)₹ 4.60₹ 14.81 ₹ 5.16 
OPM16.36%20.22% 18.44% 
Net Margins3.38%10.54% 4.17% 

 

The fall in profits was on account of higher material and inventory costs as well as exceptional gains in the base quarter. The OPM was down from 20.22% to 16.36% on a yoy basis in the fourth quarter while net margins were lower at 3.38% compared to 10.54% in the year ago quarter. On a full year basis, JSPL saw higher volumes and higher realizations driving sales higher in the quarter.

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