New Delhi: India’s steel and power major Jindal Steel and Power Limited (JSPL) today 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”, Mr. NA Ansari, CEO – JSPL said. “We are aiming at further accelerating the production momentum at Angul and Oman, as well as take Raigarh steel plant capacity utilization to near 100% levels”, Mr. Ansari added.
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.
“The recent order for supply of Rails to Indian Railways has come as major boost in our Making In India impetus. We aim at accelerating the deliveries to Indian Railways so as to emerge as a reliable long-term partner for the modernization and expansion plans of the national transporter”, Mr. NA Ansari said. “With a capacity to produce over 50,000 Tonnes of Rails every month, JSPL is confident to assist Indian Railways for faster completion of their planned rail track rollout targets”, he added. 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, which saw participation from 7 leading global rail manufacturers to meet its forthcoming requirements.
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. In line with its Debt Reduction roadmap, the company is targeting to lower its Debt by Rs. 6000 crore by end of this fiscal from the current levels.