New Delhi [India], Aug 10 (ANI): Jindal Steel and Power Ltd (JSPL) said on Tuesday its profit after tax totalled Rs 2,516 crore in the quarter ended June.
Strong operating performance amid challenging market conditions resulted in consolidated net revenues of Rs 10,610 crore, up 63 per cent year-on-year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) in Q1 FY22 came at Rs 4,539 crore.
The company said its singular focus on deleveraging also resulted in consolidated net debt reducing to Rs 15,227 crore.
The balance sheet continues to strengthen further with net debt to EBITDA improving to 0.96 (from 1.53x in the previous quarter).
"Despite adverse market conditions due to second wave of Covid-19 and ensuing lockdowns, JSPL has been able to post resilient set of numbers in 1Q FY22. The company reported a record first quarter steel production of 2.01 million tonnes."
While domestic demand was subdued during the quarter, buoyant export markets continued to provide support with exports accounting for 34 per cent in 1Q FY22.
JSPL said the share of exports would have been higher in the absence of logistical challenges posed by unfavourable weather leading to congestion at ports.
However, during the quarter long steel prices were relatively subdued compared to flat steel prices, which were also boosted by buoyant export markets.
The quarter also witnessed sharp rise in input costs, the impact of which was compounded by exhaustion of low cost iron ore inventory.
JSPL is an industrial powerhouse with a dominant presence in the steel, power, mining and infrastructure sectors.
Having an investment of USD 12 billion across the globe, the company is continuously scaling its capacity utilisation and efficiencies to capture opportunities for building a self-reliant India. (ANI)