Jindal Steel and Power Ltd.'s profit rose in the fourth quarter of fiscal 2024, but missed analysts' estimates.
The steel manufacturer's net profit surged 100.5% year-on-year to Rs 933 crore in the quarter-ended March 2024, according to an exchange filing issued on Monday. This compares with the Rs 1,133-crore consensus estimate of analysts polled by Bloomberg.
Revenue from operations, on the other hand, dropped 1.5% to Rs 13,487 crore during the period, but beat estimates.
Jindal Steel And Power Q4 FY24 Highlights (Consolidated, YoY)
Revenue down 1.5% to Rs 13,487 crore (Bloomberg estimate: Rs 11,896 crore).
Ebitda rose 11.8% to Rs 2,444 crore (Bloomberg estimate: Rs 2,398 crore).
Ebitda margin at 18.1% versus 16% (Bloomberg estimate: 20.2%).
Net profit up 100.5% to Rs 933 crore (Bloomberg estimate: Rs 1,133 crore).
The board has recommended a dividend of Rs 2 per share for FY24.
Behind The Growth
Ebitda was driven by a reduction in raw material cost, partly offset by lower net smelter return during the quarter.
75% of the growth capex is earmarked to raise the Angul pellet plant capacity, from 6 million tonne to 12.3 million tonne per annum, which supported margin.
Strong focus on high-margin value-added products, enabling higher average selling price and margin.
Key Highlights
Production and sales for Q4 stood at 2.05 MT and 2.01 MT, respectively.
Share of exports remained flat at 11% in Q4 versus the same figure last year.
Management Commentary
Expecting lower prices of coking coal by $30-40 in Q1 FY25.
Capacity of Gare Palma and Utkal C coal mines will go up to 5 MTPA.
Management is targeting 3 to 3.5 MTPA under Hot Strip Mill for FY25 and 6 MTPA for FY26.
There will be an uptick in overall realisations by converting semis into value-added products.
Shares of Jindal Steel and Power closed 0.72% higher, as compared with a 0.22% rise in the NSE Nifty 50.
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