Jindal Stainless reports Standalone Profit of 659 cr, up by 19% for Q4 FY23
The Company’s Q4FY23 standalone Net Revenue, EBITDA, and PAT were recorded at INR 9,444 crore, INR 1,097 crore, and INR 659 crore respectively.
Gurugram: Board of Directors of Jindal Stainless Limited (JSL) announced the Q4FY23 and Financial Year 2022-23 financial results on May 17, 2023. With the revocation of export duty, the Company ramped up export sales in Q4FY23 and consequently delivered the highest-ever quarterly sales volume of 507,632 MT.
The Company’s Q4FY23 standalone Net Revenue, EBITDA, and PAT were recorded at INR 9,444 crore, INR 1,097 crore, and INR 659 crore respectively. Net debt in the financial year stood at INR 2,591 crore and the net debt-to-equity ratio improved to ~0.2, despite the completion of organic CapEx.
Jindal Stainless posted a robust performance in Q4FY23 on the back of growing end-user industry demand in the domestic market. The core strengths of Jindal Stainless – are agility in sales and operations planning, extensive use of digitisation for faster and more efficient decision-making across the value chain (from sourcing to sales and delivery), a dynamic product mix, and R&D-powered product development based on market requirements – remained the key reasons behind this performance.
Subsidised and substandard foreign imports continued to distort the level playing field against Indian manufacturers, especially MSME producers. Specifically, imports from China and Indonesia witnessed a steep increase of 318% and 158% respectively from FY21 to FY23. After a detailed sunset review (SSR) investigation under these challenging circumstances, the Directorate General of Trade Remedies (DGTR) has recommended continuation of the 18.95% Countervailing Duty (CVD) on 200 Series of stainless steel flat products from China.Read Also : Shri Ashwini Vaishnaw chaired meeting of Consultative Committee for Ministry of Railways
Jindal Stainless Limited Final Dividend
The Board of Directors (BoD) of Jindal Stainless recommended a Final Dividend payment @Re 1.50 for FY23 to the shareholders on account of improved financial performance, taking the total dividend payment to Re 2.50 i.e. 125% per equity share with a face value of Rs 2 each. This announcement comes a month after the BoD approved a Special Interim Dividend payment @Re 1 per equity share for FY23 on successful completion of the merger.
Jindal Stainless Limited Expansion updates:
Brownfield projects: Stainless steel melt shop capacity expansion of 1 million tonne was completed in March 2023, along with the expansion of supporting downstream facilities in Jajpur, taking the total melt capacity of the Company to 2.9 million tonnes per annum within the committed timelines.
Stake acquisition in NPI facility: Jindal Stainless entered into a collaboration agreement with New Yaking Pte Ltd for a 49% stake in their Nickel Pig Iron (NPI) smelter facility in Indonesia. This first-of-its-kind move by an Indian entity will ensure long-term availability of nickel ore for the Company.
Rathi Super Steel Ltd: After the successful acquisition of Rathi Super Steel Ltd, Jindal Stainless has begun production in the facility ahead of the planned timelines. This was achieved despite the facility being closed for an extended period of time. Strengthening the Company’s solution-oriented approach and widening its product offerings, this move will add Long Products like wire rods and rebars to the Company’s existing product portfolio.
JSL-JSHL merger and JUSL acquisition: The merger of Jindal Stainless (Hisar) Limited with Jindal Stainless Limited was completed in FY23. Acquisition of 74% holding of JUSL by JSL is also progressing as planned. This will be completed within the committed timelines, post which, JUSL will become a 100% owned subsidiary of JSLRead Also : Mr Vikraman N takes charge as Director (HR) of BEL
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