Jindal Steel & Power Ltd.'s net profit rose in the third quarter of fiscal 2024, beating analysts' estimates on the back of exceptional loss worth Rs 378.4 crore along with a higher tax expense in the corresponding quarter last year.
The OP Jindal Group-owned steel manufacturer's profit increased 271.9% to Rs 1,928 crore in the December quarter, according to an exchange filing on Wednesday. Analysts polled by Bloomberg had a consensus estimate of Rs 1,115.7 crore.
Revenue declined 6% to Rs 11,701.1 crore on the back of lower volume, missing analysts' expectations of Rs 12,311.4 crore.
Margin improved 520 basis points to 24.3%, surpassing market expectations owing to lower raw material costs as benefit from captive thermal coal mines in India started materialising.
Jindal Steel And Power Q3 FY24 (Consolidated, YoY)
Revenue down 6% at Rs 11,701.1 crore vs Rs 12,452.4 crore (Bloomberg estimate: Rs 12,311.4 crore).
Ebitda up 19.6% at Rs 2,842.5 crore vs Rs 2,377.5 crore (Bloomberg estimate: Rs 2,396.0 crore).
Margin expands 520 basis points to 24.3% vs 19.1% (Bloomberg estimate: 19.5%).
Net profit up 271.9% at Rs 1,928 crore vs Rs 518.3 crore (Bloomberg estimate: Rs 1,115.7 crore).
The production and sales stood at 1.94MT and 1.81MT, respectively, in the quarter.
Meanwhile, share of exports decreased to 3% in Q3 FY24, as compared with 5% in Q3 FY23.
Shares of Jindal Steel & Power closed 1.4% higher apiece, as compared with a 0.9% rise in the BSE Sensex on Wednesday.
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