Last Updated on February 2, 2024 by ethinos
Table of Content
Consolidated Net Profit Surge and EPD® Certification Announcement:
1. Consolidated Net Profit Growth: The consolidated net profit during Q3FY24 experienced a remarkable surge of 272% year-on-year (YoY), reaching INR 1,928 crore. This substantial growth underscores the company’s robust financial performance and effective operational strategies implemented during the period.
2. International EPD® System Certifications: In a significant development, the company received International EPD® System certifications for Green Steel. This certification underscores the company’s commitment to sustainability and environmentally friendly practices in its steel production processes.
Additional Read: Q3 Results Dashboard
Financial Results for Q3 FY24 – Highlights:
Standalone Performance:
- Gross Revenue: The standalone gross revenue for Q3FY24 amounted to INR 13,485 crore, reflecting a marginal decrease of 3% year-on-year.
- Adjusted EBITDA: Standalone adjusted EBITDA stood at INR 2,715 crore, marking a notable 26% year-on-year increase after adjusting for one-off FX gains of INR 4 crore.
- Net Profit: Net profit for the quarter surged to INR 1,484 crore compared to a net loss of INR 4,512 crore during Q3FY23.
Consolidated Performance:
- Gross Revenue: Consolidated gross revenue for Q3FY24 reached INR 13,698 crore, representing a 5% year-on-year decrease.
- Adjusted EBITDA: Adjusted EBITDA for the consolidated entity stood at INR 2,802 crore, showing a 19% year-on-year increase after adjusting for one-off FX gains of INR 41 crore.
- Profit After Tax (PAT): Reported PAT stood at INR 1,928 crore, reflecting a remarkable YoY growth of 272%. This performance was supported by improved net sales realisation (NSR) and lower raw material costs, partially offset by a decline in sales volumes.
Key Operational Metrics:
- Steel Production: The consolidated steel production for the quarter stood at 1.94 million tonnes (MT), indicating a 6% year-on-year decrease.
- Sales Volume: Consolidated sales volume during Q3FY24 amounted to 1.81 MT, reflecting a 5% year-on-year decrease.
- Exports: The share of exports decreased to 3% in Q3FY24 compared to 5% in Q3FY23.
- Global Ventures Performance: Notable operational updates include production figures from Mozambique, South Africa, and Australia, highlighting the company’s diverse global presence and operational activities.
Financial Position and Capex:
- Net Debt: Net debt stood at INR 9,115 crore as of December 31, 2023, compared to INR 7,713 crore as of September 30, 2023. The net debt to EBITDA ratio increased to 0.92x as of December 31, 2023, from 0.77x as of September 30, 2023.
- Capex: The total capital expenditure (capex) for the quarter was INR 2,259 crore, with a cumulative expenditure of INR 5,994 crore for the first nine months of FY24. All expansion projects at Angul are reported to be on track, indicating the company’s commitment to growth and expansion initiatives.
Consolidated Financial Results
| PARAMETER | Q3FY24 | Q2FY24 | Q3FY23 | 9MFY24 | 9MFY23 |
| Gross Revenue* | 13,698 | 14,128 | 14,469 | 42,366 | 44,765 |
| Net Revenue | 11,736 | 12,282 | 12,470 | 36,662 | 39,061 |
| Adjusted EBITDA** | 2,802 | 2,213 | 2,357 | 7,719 | 7,459 |
| Depreciation & Amortisation | 636 | 604 | 608 | 1,827 | 1,818 |
| Finance Cost (Net) | 315 | 329 | 346 | 974 | 1,075 |
| PBT (before exceptional) | 1,927 | 1,385 | 1,441 | 5,078 | 4,896 |
| Exceptional Gain/(Loss) | (378) | (1,216) | |||
| Reported PAT/(Loss) | 1,928 | 1,390 | 518 | 5,010 | 2,728 |
* Incl. GST (goods and service tax) and Other income
**Adjusted for one-off FX Gain of INR 41 Cr in Q3FY24, INR 73 Cr in Q2FY24, INR 21 Cr in Q3FY23, INR 38 Cr in 9MFY24 and INR 289 Cr in 9MFY2
About Jindal & Steel Limited (JSPL)
Jindal & Steel Limited (JSPL) is an Indian steel company based in New Delhi. It is part of the OP Jindal Group, which has interests in steel, power, mining and infrastructure sectors. JSPL is the third largest private steel producer in India and the only private player in India to produce rails. It has an installed capacity of 3 MTPA of steel at Raigarh in Chhattisgarh and a 2.5 MTPA steel melting shop and a plate mill at Angul, Odisha. JSPL has been rated as the second highest value creator in the world by the Boston Consulting Group and has figured in the Forbes Asia list of Fab 50 companies.
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