Jindal Steel & Power posts Rs 1,527 crore consolidated net profit in Q4

New Delhi [India], May 30 (ANI): Jindal Steel & Power Limited (JSPL) on Monday reported Rs 1,527 crore net consolidated profit for the quarter ended March 2022.
For the whole year 2021-22, the company has posted a consolidated profit after tax of Rs 8,249 crore.
The company’s gross revenue for the January-March 2022 quarter stood at Rs 16,119 crore. For the full financial year 2021-22, JSPL gross revenue stood at Rs 56,921 crore.
The company reported the highest ever consolidated EBITDA of Rs 15,513 crore for the financial year 2021-22.
JSPL consolidated net debt declined by Rs 2,105 crore in the fourth quarter of the financial year ended March 2022 to Rs 8,876 crore.
JSPL India operations reported the highest ever steel production of 2.11 million tonnes (up 2 per cent YoY) and sales of 2.08 million tonnes (up 9 per cent YoY) in the fourth quarter of 2021-22.
Sales were also aided by improved demand from export markets with export share rising to 29 per cent in 4Q FY22 (vs. 23 per cent in 3Q FY22), Jindal Steel & Power said in a statement.
Standalone operations reported gross revenues of Rs 15,609 crore in 4Q FY22 (up 33 per cent Y-o-Y) on the back of higher steel volumes and steel prices, partially offset by lower pellet sales.
However, EBITDA declined by 11 per cent Q-o-Q to Rs 2,827 crore due to surging coking coal costs.
Profit after tax (PAT) declined by 30 per cent Q-o-Q to Rs 1,198 in the fourth quarter of 2021-22 due to lower operating profit and Rs 324 crore one-off impact (due to write-off taken for mining investment and assets (Rs 192 crore) and expenses related to water charges for prior year and relinquishment of long term power agreement), partially offset by 9 per cent Q-o-Q fall in interest expense, JSPL said.
Pellet production of 1.98 mt during the quarter under review posted a modest decline of 2 per cent Y-o-Y. External sales of 0.14mt was lower by 53 per cent Y-o-Y due to higher internal consumption.
Notwithstanding massive disruption caused by the pandemic in early FY22, unfavourable weather and several logistical challenges, JSP’s wide product profile and geographical diversification stood the company in good stead.
For the full year, standalone production (incl. pig iron) increased by 7 per cent Y-oY to hit a record for the fifth consecutive year (8.01 million tonnes vs. 7.51 million tonnes in FY21).
Standalone Steel (incl. pig iron) sales also reached the highest-ever level of 7.64 million tonnes (up 5 per cent YoY). Buoyant export markets continued to support JSP’s sales efforts with volumes maintained at 2.5 million tonnes. Exports share declined marginally to 33 per cent in FY22 compared to 35 per cent in FY21. (ANI)