Operating EBITDA increased by 8%, reaching Rs.2,839.2 crore in the first quarter of this fiscal, compared to Rs.2,628 crore in the corresponding period last year. The CNBC-TV18 poll had forecasted an EBITDA of Rs.2,620 crore for the quarter under review.On Wednesday (July 24), Jindal Steel and Power Ltd (JSPL) announced a decrease of 20.9% year-on-year in its net profit for Q1 ending June 30,2024 to Rs.1,337.9 crore.
According to a regulatory filing, Jindal Steel and Power recorded a net profit of Rs.1,691.8 crore during the same quarter. This figure exceeds the predicted earnings of Rs.1,245 crore for this period.
The company's revenue from operations rose by 8.2% to Rs.13,617.8 crore from Rs.12,588 crore in the same period of the previous fiscal year. According to the media report,revenue of Rs.13,050 crore for the quarter in question.
At the operating level, EBITDA increased by 8% to Rs.2,839.2 crore in the first quarter of this fiscal, up from Rs.2,628 crore in the same period last year. an EBITDA of Rs.2,620 crore for the quarter under review.
The EBITDA margin remained unchanged at 21% in the reporting quarter compared to the same period in the previous fiscal year. EBITDA stands for earnings before interest, tax, depreciation, and amortization.
In Q1 of FY25, there was a 5% year-over-year increase, reaching 36.6 million tonnes (mt), and in H1 of CY24, there was a 7% year-over-year increase, totaling 73.9 mt. During Q1 of FY25, finished steel consumption rose by 12% year-over-year to 35.2 mt, while in H1 of CY24, it grew by 11% year-over-year to 70.8 mt.
During Q1 of FY25, total steel exports saw a sequential decline of 51%, mainly attributed to a decrease in Hot Rolled Coil (HRC) exports. On a year-over-year basis, steel exports were down by 2%, totaling 4.5 million tonnes (mt) for H1CY24. The subdued international prices played a significant role in influencing both year-over-year and quarter-over-quarter export figures for Q1FY25.
In Q1 FY25, steel shares and imports fell 16% sequentially but rose 32% YoY. For H1 CY24, imports increased 31% YoY, driven by lower international prices compared to domestic prices. Higher imports from China and FTA countries helped stabilize domestic flat product prices. Jindal Steel and Power Ltd closed at Rs.972.05 on the BSE, up Rs.19.20 or 2.02% after market hours.
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