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Jindal Steel & Power reported a consolidated net profit of ₹1,928 crore for the third quarter of FY24, registering a gain of 272% compared to last year, as the company benefitted from recent price hikes and improved realisations amid a robust domestic demand environment.
JSPL had posted a consolidated net profit of ₹518 crore in Q3FY23.
The Naveen Jindal-led company's consolidated net revenue in the October-December quarter declined 5.9% to ₹11,736 crore amid lower volumes. On a sequential basis, revenue fell 4% while net profit jumped 38.7%.
On a standalone basis, Jindal Steel reported a net profit of ₹1,484 crore as compared to a loss of ₹4,512 crore reported last year same quarter. Gross revenue for the quarter came at ₹13,485 crore, down 3% from last year.
"Robust performance was driven by improved NSR (net sales realisation) supported by lower raw material cost as benefits from captive thermal coal mines in India starts materialising, partly offset by lower volumes during the quarter," the company said in a statement.
It reported adjusted earnings before interest, tax, depreciation, and amortization (Ebitda) for Q3 FY24 of ₹2,802 crore, 19% higher YOY. The company's net debt increased 18% to ₹9,115 crore as of December 31, 2023.
JSP is well poised to take dual benefit of volume growth and improvement in product mix over FY23-26E post commissioning of HSM; however, there have been delays of a few quarters in blast furnace commissioning which would impact FY25 volumes, brokerage Prabhudas Liladhar wrote in a note in November.
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