Naveen Jindal-led Jindal Steel and Power Ltd, popularly known as JSPL, has registered a consolidated net profit of Rs 2,432.20 crore for the quarter ending December 2020. The latest performance has come as a huge turnaround for the steel giant’s fortunes since it had recorded a loss of Rs 257.36 crore during the same quarter a year ago.
The JSPL’s performance in the Quarter ending December 20 has come largely on account of increased income. In its BSE filing, the JSPL said that its total income jumped to Rs 10,898.70 crore, as against Rs 7,526.28 crore in the October-December quarter of 2019-20, up by about 45%.
According to the JSPL, strong performance in India steel as well as power business in 3QFY21, helped the steel giant report Consolidated Gross Revenue of Rs. 11,704 Cr (up 39 % YoY) and EBITDA of Rs. 4,252 Cr (vs. Rs.1,574 Cr in 3QFY20).
All operational assets except Australia reported positive EBITDA in 3QFY21. The JSPL said that it continued to benefit from improving operating and financial leverage with the Consolidated PAT (continuing operations) at Rs. 2,432 Cr (vs loss of Rs.257 Cr in 3QFY20).
“The JSPL continues to strengthen its balance sheet with net debt reducing further by Rs 3,289 crore during the quarter (Rs. 10,298 crore in 9MFY21). As of December 2020, JSPL reported Consolidated Net Debt of Rs. 25,621 crore Net Debt to EBITDA (Trailing) at the end of December’20 stood at 2.35 x (vs 3.52x as on September’2020),” the statement from the JSPL said.
During 3QFY21, pellet production increased by 3% YoY, while external sales of pellets was reduced to 0.40 million tonnes (down 38% YoY) on higher internal consumption as steel volumes continued to ramp up. The 3QFY21 also saw JSPL becoming India’s first private company to get the “Regular Supplier” status from Indian Railways to supply 60kg 880 grade (90UTS) Rails.
JSPL’s total expenses were at Rs 7,878.86 crore, compared to Rs 7,767.37 crore earlier.