Jindal Steel & Power's net profit in March quarter up y-o-y by 100%

14 May 2024 , 03:11 PM

Jindal Steel & Power recorded a total net profit of ₹933 Crore for the quarter ended March 31, 2024, up 100% from ₹466 Crore reported in the same quarter last year.

The total revenue from operations was ₹13,487 Crore in the quarter, compared to ₹13,692 Crore in the previous year. It was down 1.5% year over year.

The JSPL board of directors declared a final dividend of ₹2 per share for the fiscal year 2023-24.

On a sequential basis, the consolidated PAT fell 52% from ₹1,928 Crore recorded in Q3FY24. Gross revenue for the quarter under review was ₹15,749 Crore, down from ₹15,797 Crore recorded in Q4FY23 but up from ₹13,698 Crore in Q3FY24. Gross income for the full fiscal year was reported at ₹58,115 Crore, down from ₹60,562 Crore in FY23.

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) were 2,512 Crore in Q4FY24, compared to ₹2,802 Crore in Q3FY24 and ₹2,240 Crore in Q4FY23. The decrease on a quarterly basis was attributed to adjustments for a unique foreign exchange loss of ₹68 Crore in the fourth quarter of FY24, alongside a foreign exchange gain of ₹41 crore in the third quarter of FY24.

The combined net debt was reported at ₹11,203 Crore as of March 31, compared to ₹9,115 Crore as of December 31, 2023. The net debt-to-EBITDA ratio was 1.10X as of March 31, compared to 0.92X as of December 31, 2023.

The increased debt reflects greater payments resulting from the completion of many projects in accordance with the capex programme, according to the business filing. The total capex for the quarter was ₹2,523 Crore and it was ₹8,517 Crore for the entire FY24.

At around 3.05 PM, Jindal Steel and Power was trading 4% higher at ₹977, against the previous close of ₹939.45 on NSE.

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