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The standalone revenue, EBITDA and PAT grew by 65 per cent, 46 per cent and 152 per cent respectively over Q4FY21
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The Board of Directors of Jindal Stainless Limited (JSL) took on record the financial results for Q4FY22 on Monday.
Despite volatility and global disruptions in raw material supply and logistics, the company effectively doubled its exports sales proportion to 32 per cent of total sales volumes in Q4FY22 as compared to 16 per cent Q4FY21, with a keen focus on the value-added product segments.
The standalone revenue, EBITDA and PAT grew by 65 per cent, 46 per cent and 152 per cent respectively over Q4FY21. Net external debt stood at Rs 1,546 crore as on March 31, 2022, with debt-to-equity ratio reduced to 0.6.
Interest cost reduced by 25 per cent to Rs 68 crore for Q4FY22 as compared to CPLY. On a consolidated basis, JSL recorded a revenue of Rs 6,564 crore during Q4FY22. EBITDA and PAT stood at Rs 842 crore and Rs 750 crore respectively.
Under its ‘Local to Global’ initiative, JSL is in the process of providing customised product solutions for international operations of select domestic customers having a global presence. The company supplied various critical grades like Super Duplex and Cobalt restricted stainless steel for various indigenous nuclear applications and key fertilizer projects.
A diversified market presence and increased proportion of exports mix partially compensated for the lower domestic sales in certain sectors. Dumping of imported and subsidised material from China and Indonesia led to a muted domestic demand and reduced price levels. This also resulted in the share of imports rising to 36 per cent of demand in Q4FY22 as compared to 24 per cent in Q4FY21.
The international nickel and ferro-chrome prices jumped by 52 per cent and 121 per cent respectively in Q4FY22 on a YoY basis. On the domestic front, Chinese and Indonesian imports of subsidised stainless steel products continued to disrupt the Indian market. It is estimated that imports from China and Indonesia rose by 147 per cent and 280 per cent respectively in FY22 on CPLY basis.