Jindal Steel and Power Q4 PAT doubles to Rs 933 crore

New Delhi: Jindal Steel and Power Ltd (JSP) on Monday reported a two-fold jump in consolidated profit after tax (PAT) to Rs 933 crore in the March quarter, as the company managed to reduce expenses.

It had posted a PAT of Rs 466 crore during the fourth quarter in last fiscal, the company said in an exchange filing.

The company's total income was at Rs 13,521.31 crore as against Rs 13,707.69 in the January-March period of FY23.

JSP trimmed its expenses to Rs 12,357.99 crore from Rs 12,748.70 crore a year ago.

The company brought down its cost of materials to Rs 5,264.63 crore from Rs 6,168.29 crore in the fourth quarter of FY23.

For the full FY24, the company reported a PAT of Rs 5,943 crore, almost double of Rs 3,193 crore in FY23.

During the said quarter, the company produced 2.05 million tonne (MT) and sold 2.01 MT of steel. In the same period a year ago, it had produced 2.02 MT and sold 2.03 MT of steel.

The company's net debt stood at Rs 11,203 crore as of March 31 against Rs 9,115 crore at the end of the December quarter.

"Balance sheet remains robust with net debt to EBITDA at 1.10x as at March 31, 2024, vs 0.92x as at December 31, 2023. Increased debt reflects higher payments on account of completion of several projects in line with capex program," the company stated.

The total capex for the quarter was Rs 2,523 crore and Rs 8,517 crore for FY24. During the year, the company commissioned hot strip mill project of 6 MTPA and pellet plant of 6 MTPA (million tonne per annum).

The board of the company also approved final dividend of Rs 2 each for the financial year 2023-24.