Jindal Steel and Power Q4 results: PAT falls 69.4% to Rs 466 crore

The company's consolidated gross revenue down by 1.9 per cent to Rs 15,781 crore for the March quarter as compared to Rs 16,089 crore in the year-ago period

BS Web Team New Delhi
Jindal Steel

Jindal Steel

Listen to This Article

Jindal Steel & Power Ltd (JSPL), on Tuesday, posted profit after tax (PAT) of Rs 466 crore for the March quarter. This is 69.4 per cent fall from Rs 1,527 crore a year ago, the company statement said.
The company’s consolidated gross revenue down by 1.9 per cent to Rs 15,781 crore for the March quarter as compared to Rs 16,089 crore in the year-ago period.

In a regulatory filing, Jindal Steel and Power said, “The board of directors considered and recommended final Dividend for the financial year 2022-23@200%, i.e., Rs 2/- per equity share of face value Re 1/- each, out of the profits of the Company for the financial Year 2022-23, which shall be paid, subject to the approval of the shareholders in the ensuing Annual General Meeting and other authorities, wherever required.”
Shares of Jindal Steel & Power on Tuesday ended 2.66 per cent lower at Rs 560.20 on BSE.

India's steel industry, already grappling with a slump in prices, was also hit with an export tax on certain steel intermediaries last year, which was withdrawn in November.

"Rebar prices moved strongly during the first half of the quarter but corrected sharply in the second half. However, key raw materials, especially iron ore remained elevated through the quarter" the company also added in a statement The company's consolidated expenses from depreciation and amortization more-than-tripled to Rs 873 crore in the quarter.
Weak steel prices and falling demand in Europe also weighed on bigger rival Tata Steel, which reported a 83% fall in its quarterly profit earlier in the month.

Also Read

From Adani Wilmar to Havells India: Q4 results to watch out for today

Crucial for India to secure its nickel needs, says Jindal Stainless MD

Jindal Steel & Power net profit down 68 per cent to Rs 518.67 crore

From Ambuja Cements to Tata Steel: Q4 results to watch out for today

Metal stocks: Will export duty rollback help?

Granules profit up 7.8% to Rs 120 crore boosted by drug ingredient business

Redington posts record Q4 revenue on strong demand for laptops, phones

JK Paper Q4 results: Consolidated net profit rises 64.7% to Rs 280 crore

Bharti Airtel Q4 net profit jumps 49% to Rs 3,005 cr, revenue up 14.3%

Jubilant Ingrevia Q4 profit slump 24% as supplements faced headwinds

However, Jindal Steel said exports accounted for 11 per cent of total standalone sales volume in the quarter, as compared to 5 per cent in the previous quarter.

(With inputs from Reuters)

Nalwa Sons Invst

  • 1D
  • 5D
  • 1M
  • 3M
  • 6M
  • 5Y
  • MAX

First Published: May 16 2023 | 6:44 PM IST

Explore News