JSPL Q1 beats estimates, profit dips 14% to Rs 1,682 crore

At the operating level, EBITDA declined 23.6 percent to Rs 2,628 crore in the first quarter of this fiscal over Rs 3,439.4 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 20.9 percent in the reporting quarter as compared to 26.4 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The company's sales stood at 1.84mt (+6 percent year-on-year and -9 percent quarter-on-quarter) driven by seasonally weak consumption in the domestic market. Share of exports remained flattish at 10 percent during the quarter vis-à-vis 11 percent in Q4 of FY23.

Jindal Steel Odisha commissioned its state-of-the-art pellet plant at Angul. Also, the company signed the mining lease for Gare Palma IV/6 and Utkal C, it said.

Gare Palma IV/6 has total reserves of 167mt, whereas Utkal C has total reserves of 127mt. These are fully explored mines and have a total EC of 7.37mt. Mining is likely to commence soon.

Chirodzi mine in Mozambique produced 1.12mt vs 0.98mt ROM in Q4 of FY23 (up 14 percent quarter-on-quarter) during the quarter. Coking coal sales stood at 142kt against 160kt in Q4 of FY23. Thermal coal sales stood at 105kt against 158kt in Q4 of FY23.

During the quarter, Kiepersol mine in South Africa produced 116kt against 115kt ROM in Q4 of FY23. The mine reported prime product sales of 87kt against 90 kt in Q4 of FY23.

During the quarter, Australia's Russel Vale mine's ROM production stood at 132kt against 157 kt in Q4 of FY23. Dispatches for the quarter were 91kt against 123 kt in Q4 of FY23. Wongawilli colliery continues to remain under care and maintenance.

The results came after the close of the market hours. Shares of Jindal Steel and Power Ltd ended at Rs 698.40, up by Rs 22.20, or 3.28 percent on the BSE.