Jindal Steel and Power (JSPL) announced its July-September quarter results for the financial year 2021-22, reporting a net profit of Rs 2,583 crore on a consolidated basis, compared to Rs 896.93 crore in the corresponding quarter last year, marking a growth of around 189 per cent year-on-year. The company's net profit increased three-folds in the September quarter driven by higher volumes and all-time high steel prices.
The steel major's total revenue from operations in the second quarter of the current fiscal stood at Rs 13,611 crore, compared to Rs 8,148.77 crore in the same quarter last year, registering a growth of 67 per cent year-on-year.
The company's sales volume surged 32 per cent quarter-on-quarter and 10 per cent year-on-year to hit a record of 2.13 million tonnes during the quarter, according to a regulatory filing by Jindal Steel to the stock exchanges today. Jindal Steel's consolidated net debt declined to Rs 11,164 crore in the September quarter, compared to Rs 15,227 crore in the preceding April-June quarter.
At 2.13 million tonnes, the July-September quarter also marked the first time Jindal Steel and Power's steel sales crossed two million tonnes quarterly volumes. Jindal Steel recently received an additional 1MTPA consent to operate (CTO) for the Angul Blast furnace (CTO of 4.25 mtpa from 3.2 mtpa currently) raising its capacity to 9.6MTPA.
The company was declared as the preferred bidder for Kasia Iron Ore Mine in Odisha. Kasia Mine has a geological resource of 278 million tonnes of iron ore and consists of an average Fe (iron) grade of approximately 62.5 per cent.
On Tuesday, November 2, shares of Jindal Steel settled 2.82 per cent lower at Rs 418.90 apiece on the BSE.