Jindal Stainless Q1FY23 PAT up 4.33% yoy at Rs321.32 crore as higher costs offset higher top line

26 Jul 2022 , 11:05 AM

Jindal Stainless Ltd, reported 35.74% growth in sales revenues yoy for the Q1FY23 quarter on consolidated basis at Rs5,474.12 crore. On a sequential basis, revenues were lower for the quarter by -16.60%.

For Q1FY23, the volumes and pricing remained robust but the impact was more on the bottom line. In fact, while sales were higher on a yoy basis, it was sharply lower compared to the March 2022 quarter.

Hence, despite a lower debt equity ratio, the company saw its debt service coverage ratio take a hit. However, the interest service coverage ratio improved during the latest quarter, albeit marginal.

The consolidated net profit for Q1FY23 was up 4.33% yoy at Rs321.32 crore while it was down on a sequential basis by -56.75% on lower top line sales and higher costs.

For the quarter, the operating margins stood at 10.02% compared to 14.90% in the year ago period and 12.82% in sequential quarter due to a spike in material and power, transport and fuel costs.

Net margins were 5.87% in Q1FY23 quarter compared to 7.64% in Q1FY22. NPM was lower as compared to 11.32% in Q4FY22.

Financial highlights for Jun-22 compared yoy and sequentially

	Jindal Stainless
Rs in Crore	Jun-22	Jun-21	YOY	Mar-22	QOQ
Total Income (Rs cr)	₹ 5,474.12	₹ 4,032.72	35.74%	₹ 6,563.51	-16.60%
Net Profit (Rs cr)	₹ 321.32	₹ 307.99	4.33%	₹ 742.87	-56.75%
Diluted EPS (Rs)	₹ 6.11	₹ 5.96		₹ 14.16
Net Margins	5.87%	7.64%		11.32%