JSPL Q1 net profit at Rs 110 cr

Jindal Steel and Power Limited (JSPL) on Thursday announced its Q1 2018-19 results reporting a consolidated revenue of Rs 9,665 crore and a Consolidated Net Profit of Rs 110 crore. On a standalone basis, JSPL recorded quarterly revenues of Rs 6,734 crore and net profit of Rs 332 crore. Adjusted for GST & Excise duty changes, JSPL Standalone revenues were up 100% on year-on-year basis while Consolidated Revenues were up 71% YoY. The company has reported a consolidated quarterly profit after 14 loss-making quarters, after reporting a net profit on a standalone basis in Q4 2017-18 after 13 successive loss-making quarters. The company exhibited its upward trajectory with a healthy standalone EBIDTA at Rs 1,645 crore up by 119 % on a year-on-year basis. The consolidated EBIDTA of JSPL stood at Rs 2,277 crore, up 68% on year-on-year basis.

“The outcome of 3 years of hard work is evident from the results. With the 6 MTPA integrated steel plant at Angul tracing the planned ramp-up blueprint, we are confident of setting new production and sales benchmarks with every passing quarter”, NAB Ansari, CEO — JSPL said.

During Q1 FY 2017-18, JSPL’s standalone steel sales stood at 1.19 MTPA, up by 46% on a year-on-year basis. JSPL’s Pellet Plant continued its superlative performance by recording production of 1.76 Million Tonnes during Q1. The company aims at ramping up production at its coal mines in Australia, South Africa and Mozambique in the coming quarters.

JSPL recently bagged part of the prestigious order for supply of close to 1 Lakh Tonnes of Rails under a global tender floated by the Indian Railways. During Q2, JSPL is also looking at starting the 2 MTPA DRI Plant powered by world’s largest Coal Gasification Plant (CGP) for steelmaking at Angul.