JSPL reports 39% rise in Gross Revenue on strong India business
Bhubaneswar: Strong performance by its Indian steel and power business has helped Jindal Steel and Power (JSPL) report a consolidated gross revenue of Rs.11,704 crore in the 3rd quarter, a rise of 39% YoY.
Consolidated net profit has improved to Rs.2432 crore from a loss of Rs.257 crore in the corresponding quarter last financial year.
The company has also continued to strengthen its balance sheet reducing its net debt by Rs.3289 crore.
“JSPL continues to strengthen its balance sheet with net debt reducing further by Rs 3,289 Cr during the quarter (Rs. 10,298 Cr in 9MFY21). As on December 2020, JSPL reported Consolidated Net Debt of Rs. 25,621Cr. Net Debt to EBITDA (Trailing) at the end of December’20 stood at 2.35 x (vs 3.52x as on September’2020” JSPL said.
JSPL’s standalone gross revenue has grew by 31% YoY to Rs.9906 crore, while the net profit grew by 2194% to 2226 Crore.
“During 3QFY21, JSPL Standalone reported highest ever steel production volumes (incl. pig iron) at 1.93 million tonnes (Up 20% YoY) and sales of 1.87 million tonnes (up 12% YoY). As domestic demand continued to recover, the company raised its sales within India. This was reflected in declining share of exports for JSPL, which declined to 21% (vs. 38% in 2QFY21)” JSPL said.