Jindal Steel Q3 FY24 results: Net profit recorded 272 percent gain

The giant metal firm Jindal Steel has recorded a 272 % rise in consolidated net profit standing at Rs 1,928 crore for the third quarter ending December 2023.

Jindal Steel Q3 FY24 results: Net profit recorded 272 percent gain

The consolidated net profit climbed to Rs 1,928 crore for the third quarter of FY24 compared to  Rs 528 crore in the second quarter of the same financial year. The total amount accommodated for the earnings before interest, tax depreciation, and amortization [EBITDA] for Q3 stands at Rs 2,802 crore, corresponding to 19 per cent higher on a year-on-year basis. At the same time, net debt has risen 18 per cent to Rs 9,115 crore as of December 31, 2023.

The production and sales of the respective firm stood at 1.94MT and 1.81 MT, respectively, in the quarter. Meanwhile, shares of exports decreased to 3% in the third quarter, compared to 5% in the previous year.

Read Also : THDCIL conferred with prestigious 1st Prize for ‘Advancement in Green Mobility

Estimated revenue went down 6% at Rs 11,701.1 crore as expected around Rs 12,452.4 crore. While the margin expands 520 basis points to 24.3%. The surpassing margin growth has been attributed to the low costs of raw material goods. It has set up the world's first coal gasification-based DRI plant at Angul, Odisha that reduces the dependence on imported coke-rich coal, leading to an emphasis on domestic outputs and residues.

Read Also : MECL Drills Past Remarkable Milestone, Surpasses 3 Lakh Meters of Exploratory Drilling

The stock price of the metal firm has surged 1.7% to Rs 769.95 as compared to the previous close of Rs 757 on BSE and the market capital has increased to Rs 78,541 crore. The stock price has gained 3.67 per cent growth since the beginning of the year and has delivered multi-bagger returns of 194% in the last three years.

Read Also : HPCL and Birmingham University join hands