Hot Pursuit     16-May-24
Jindal Stainless Q4 PAT climbs 28% YoY to Rs 476 cr
Jindal Stainless reported 27.73% decline in standalone net profit to Rs 476.36 crore in Q4 FY24 as against Rs 659.15 crore in Q4 FY23.
Revenue from operations rose marginally to Rs 9,520.74 crore in the quarter ended 31 March 2024.

The firm recorded highest ever quarterly standalone sales volume of 5,70,362 metric tonnes (MT) in Q4 FY24, up 12% YoY, backed by continued and strong domestic demand.

Profit before exceptional items and tax in fourth quarter of FY24 was at Rs 604.27 crore, registering a decline of 31.8% from Rs 885.99 crore posted in Q4 FY23. The exceptional loss for the quarter stood at Rs 31.24 crore.

EBITDA de-grew 25% YoY to Rs 827 crore in the quarter ended 31 March 2024.

“Margins remained under pressure on account of negative inventory valuation due to continuously falling nickel prices. Key export markets, such as Europe and the US, also remained weak. The Red Sea crisis during the quarter further led to a steep increase in ocean freight and constrained availability of containers, consequently compressing margins,” stated the company in an exchange filing.

The steel maker added that The imports from China continue to surge, with Q4FY24 figures reported around 1,40,000 tonnes, a ~20% increase on a YoY basis. With consistent increase in Chinese dumping, the stainless steel market in India continues to be flooded by substandard exports, threatening the MSME sector and disrupting the level playing field needed for fair competition and further innovation.

Net debt as on March 2024, stood at Rs 2,418 crore, decreasing by 22% over the previous quarter, leading to an improvement in the net debt-to-equity ratio, recorded at 0.18.

On a full year basis, the company reported a 25.65% increase in standalone net profit to Rs 2,530.69 crore on 9.49% rise in revenue from operations to Rs 38,356 in FY24 over FY23.

Abhyuday Jindal, managing director, Jindal Stainless, said, “The last financial year has been an encouraging one. Riding strong on the Indian growth story, we have met our growth projections, and have recently added a new chapter to our expansion plans. This growth is underpinned by a sharp focus on operational efficiency, digitalization programs, people empowerment initiatives, market development, and customer satisfaction strategies. We continue to remain bullish on the Indian market while aiming to maintain our leadership position and ensuring sustainability in sourcing, processes, and products.”

Meanwhile, the board recommended a dividend of Rs 2 for the financial year 2023-24.

Jindal Stainless is one of the largest stainless steel manufacturers in India, with steel melting capacity of 2.9 MTPA (including 0.8 MTPA in Hisar and 2.2 MTPA in Jajpur).

Shares of Jindal Stainless slipped 0.61% to settle at Rs 679 on the BSE.

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