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Jindal Stainless Limited consolidates its position, posts 2x jump in Q1 PAT

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

1 FY 19 key highlights

                                                                                                                   Standalone (in Rs crore)

Particulars

Q1 FY 18-19

Q1  FY17-18

 Growth

PAT

91

41

119%

Net Revenue

3,147

2,015

56%

EBIDTA

375

251

50%

After registering a robust turnaround in FY18, Jindal Stainless Limited (JSL) achieved a strong revenue and sales growth in Q1FY19, despite being a seasonally low first quarter. The growth stemmed from expansion in stainless steel flat product market, mainly driven by infrastructure spending, railway modernization, and auto segment, among others. At Rs 91 crore, profit after tax for Q1FY19 more than doubled over corresponding period last year (CPLY). A buoyant market for stainless steel led to higher sales volumes growth of 51% over CPLY.

Melt production grew by 45% in Q1FY19, as the company ramped up efforts towards debottlenecking and process balancing to optimise capacity utilization. Net revenue increased to Rs 3,147 crore, a growth of 56% over CPLY. EBIDTA for the quarter surged by 50% over CPLY, reaching Rs 375 crore. In CPLY, finance costs were extraordinarily lower on account of interest refund.

Commenting on the performance of the quarter, Managing Director, JSL, Abhyuday Jindal, said, “Our plant at Jajpur, Odisha, is one of the most modern stainless steel plants in the world with state-of-the-art facilities. The market outlook is conducive to propel volume growth. We have huge operating leverage and target to increase our capacity from 0.8 MTPA to 1.1 MTPA in near future through debottlenecking and process balancing with a minimum cash outlay. The Company has become eligible for exit from Corporate Debt Restructuring Scheme (CDR), basis the superior financial performance for the last two financial years. The consortium of lenders has already recommended CDR exit for Company and the matter is pending for voting in CDR forum.” Read more

Sanjay Dutt posts a cute picture of him and his wife on the occasion of their 10 year

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Sanjay Dutt celebrated his 10 year anniversary with Manyata Dutt! Read more