JSPL clocks consolidated net profit of Rs 903 crore for Q2
Oct 30, 2020
Mumbai (Maharashtra) [India], October 30 : Jindal Steel and Power Limited (JSPL) clocked consolidated profit after tax of Rs 903 crore for the July-September quarter of 2020-21, a company statement said here.
According to the statement, the company had made a loss of Rs 321 crore during the corresponding quarter a year ago.
During the second quarter, JSPL (Ex-Oman) reported consolidated gross revenue of Rs 9,804 crore, up 14 per cent year-on-year (YoY), while its consolidated EBITDA increased to Rs 2,702 crore, up 78 per cent.
As of the end of Q2, JSPL reported consolidated net debt of Rs 28,910 crore on a constant currency basis, based on the exchange rates of March 21, 2020, the net debt reported would be Rs 29,052 crore (Ex-Oman).
Further, during the second quarter, JSPL standalone reported the highest ever steel production volume (including pig iron) at 1.84 million tonne, up by 16 per cent on a YoY, while boosted by domestic demands the sales within India increased. This reflected in exports declining to 38 per cent compared to 58 percent in first quarter of the FY 2020-21 and stood at 0.74 million tonnes.
The company generated 2,744 million units in the Q2 FY 21 riding on the back of increased demand and coal availability, it reported EBITDA of Rs 302 crore, up one percent YoY, including provisioning of an outstanding surcharge. The provisioning amounts to Rs 114 crore.
Jindal Shadeed, the company's Oman-based operations, recorded production of 0.51 million tonnes of steel in Q2 of FY21, as compared to 0.36 million tonnes in the first quarter. The revenues and EBITDA for Q2 FY21 stood at USD 226 million, versus USD 223 million in Q1, and USD 25.89 million, versus USD 25.34 million in Q1, respectively.
JSPL also completed the first tranche of the divestment by selling 48.99 percent of the Oman subsidiary to the acquirer in this quarter.
