Jindal Steel & Power announced Q2FY24 results:
- Consolidated Q2FY24:
- Reported PAT (Profit After Tax): Rs 1,390 crore (a remarkable 534% YoY growth)
- Adjusted EBITDA (adjusted for one-off FX gains of Rs 73 crore): Rs 2,213 crore (a solid 19% YoY growth)
- Production: 1.90 million tons (4% YoY growth)
- Sales: 2.01 million tons (no YoY change)
- Consolidated gross revenues: Rs 14,128 crore (a decrease of 9% YoY)
- Share of exports increased to 13% in Q2FY24 compared to 12% in Q1FY24.
- Net debt as of September 30, 2023: Rs 7,313 crore
- Net debt to EBITDA ratio as of September 30, 2023: 0.77x
- Total capex for the quarter: Rs 1,836 crore, primarily driven by expansion projects in India.
- Standalone Q2FY24:
- Gross revenue: Rs 13,953 crore (a decrease of 8% YoY), even in a seasonally weak quarter.
- Adjusted EBITDA (adjusted for one-off FX gains of Rs 69 crore): Rs 2,244 crore (a substantial increase of 57% YoY).
- Net profit for the quarter: Rs 1,109 crore, a significant improvement compared to a net loss of Rs 473 crore during Q2FY23.
Bimlendra Jha, Managing Director, said, “We are happy to see our coal mines finally starting. Shipments from Gare Palma IV/6 are already being received at Raigarh. Our quarterly results are significantly up year on year with sales volumes sustained in a traditionally weak quarter. We expect the demand to be robust in the second half of the current fiscal as India continues to march to a different drumbeat.” said Mr. Bimlendra Jha, Managing Director, Jindal Steel & Power, in a statement.