JSPL yearly profit hits all-time high at Rs 5,527 cr

By: |
May 13, 2021 1:30 AM

In a statement, JSPL said the improved performance across steel, power and overseas mining operations in 4Q’FY21 resulted in JSPL reporting the highest-ever quarterly consolidated gross revenue of Rs 13,190 crore.

The company had been incurring annual losses for the previous six years. In 2019-20 fiscal, the company reported a loss of Rs 574 crore. The company had been incurring annual losses for the previous six years. In 2019-20 fiscal, the company reported a loss of Rs 574 crore.

Buoyed by higher sales and increased margin, Jindal Steel and Power (JSPL) on Wednesday reported Rs 1,901 crore consolidated net profit for the January-March quarter of 2020-21 as against just Rs 82 crore in the corresponding quarter a year ago.

JSPL’s net profit for the full year, on a consolidated basis, touched an all-time high of Rs 5,527 crore. The company had been incurring annual losses for the previous six years. In 2019-20 fiscal, the company reported a loss of Rs 574 crore.

JSPL said it would be embarking on doubling the capacity at its steel-making plant at Angul in Odisha to 12 million tonnes per annum (mtpa) with a capital expenditure of Rs 18,000 crore. But it would tread on the growth plan in a measured way.

In a statement, JSPL said the improved performance across steel, power and overseas mining operations in 4Q’FY21 resulted in JSPL reporting the highest-ever quarterly consolidated gross revenue of Rs 13,190 crore.

“Strong operational performance coupled with better pricing environment has led to consolidated Ebitda hitting a new record of Rs 5,287 crore. Higher Ebitda and declining interest costs have led to a net profit of Rs 1,901 crore,” it said.

On a consolidated basis, the company reported gross revenue of Rs 42,745 core and Ebitda of Rs 14,444 crore for the full year 2020-21.

Focusing on strengthening the balance sheet, the company has pared down its consolidated net debt by Rs 3,475 crore in 4Q’FY21 and by Rs 13,773 crore for the entire 2020-21 fiscal. As of March 2021, JSPL’s consolidated net debt stood at Rs 22,146 crore.

“The core focus right now is to sweat out assets and make JSPL net debt-free. Thereafter, the company will be embarking on a journey to expand its profitability and volumes via the Angul expansion from 6 MTPA to 12 MTPA taking JSPL’s overall steel capacity to around 16 MTPA in India,” it said.

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