Jindal Steel & Power Q1 net profit at Rs4181.30 mn

Total Income has increased from Rs. 45935.50 million for the quarter ended June 30, 2013 to Rs. 50687.90 million for the quarter ended June 30, 2014.

August 07, 2014 12:25 IST | India Infoline News Service

Jindal Steel & Power Ltd has posted a net profit/(loss) after taxes, minority interest and share in profit/(loss) of associates of Rs. 4181.30 mn for the quarter ended June 30, 2014 as compared to Rs. 4942.80 million for the quarter ended June 30, 2013.

Total Income has increased from Rs. 45935.50 million for the quarter ended June 30, 2013 to Rs. 50687.90 million for the quarter ended June 30, 2014.

JSPL’s new pellet plant with a capacity of 4.5 MTPA went into operation during Q1 FY15; however the production had to be curtailed due to restricted availability of iron ore fines. Both Blast Furnaces and two EAFs were upgraded. With these, the modernisation of Iron & Steel shops at Raigarh was completed and the plant’s capacity has been enhanced to 3.5 MTPA as against 3.0 MTPA earlier. JSPL’s continued focus on NSR saw it increase by 8% in Q1, FY 15 compared to same quarter last year. The Company continued  its relentless effort to reduce its working capital, which resulted in its Finished Good inventory reduce by 27% to an all-time low of 207,731MT.

JSPL’s retail sales grew by an impressive 26% during Q1, FY15 compared to Q4, FY14 and by 284% compared to Q1, FY14. With this, the company consolidated its presence in retail market on a country wide basis. Although Rupee’s strengthening against US$ adversely affected the price competitiveness, JSPL increased their exports by 6% in volume terms during Q1, FY15. Company successfully entered the High Grade plate and structural steel market of US, Canada and Mexico.

Although 3 out of the 4, 600 MW Power Units of JPL under Tamnar Phase II were successfully completed, only one unit was operated. With improved availability of coal and transmission capacity, we are hopeful to operate other units. JPL’s Phase – I, 1000 MW plant was operated at 97.8% PLF. The average NSR for Q1, FY 15 of JPL was at Rs. 3.29 compared to Rs. 3.21 in Q1, FY 14.
JSPL’s 4x135 MW captive power plant at Dongamuha, achieved substantial improvement in its availability and PLF, as a result of which it posted impressive increase in its profitability. Although, all 6 x 135 MW units of Angul Power plant have been commissioned, the utilization remained low due to restrictions on export of power.

Global Ventures
JSPL Global Venture’s SMS plant in Oman was successfully completed in April, 2014 and the billet deliveries to the market started from May, 2014. The plant’s PBT in Q1, FY15 increased by 180 % compared to Q1, FY14. However, Company’s WCL Australia’s coking coal mines continued to make losses due to operational reasons and restructuring costs. A major restructuring of WCL was undertaken under which the manpower has been reduced by 38% compared to Q4, FY 14.

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