Financial Highlights
- For the quarter ended Dec’08 Jindal Steel & Power (JSPL) reported a 28% increase in Total Income to Rs 1781.07 crore. However the Operating Profit Margin (OPM) decreased by 370 basis points to 34.4%.
- The resultant operating profit for the quarter ended Dec’08 stood at Rs 611.99 crore which was 15% higher when compared to the corresponding previous quarter last year. The ensuing PAT for the quarter ended Dec’08 was Rs 325.17 crore which was marginally higher by 2% as compared to corresponding period last year.
Operational Highlights
Production
For the quarter ended Dec’08 the production of Metallics (DRI & Pig Iron) stood at 601873 tonnes, which was 4% lower when compared with corresponding period last year. The production of Steel products stood at 372537 tonnes, which was 4% higher when compared to corresponding period last year. The power generation stood at 736.10 million kWh, which was higher by 11% when compared with corresponding period last year.
Sales
For the quarter ended Dec’08 the sales of Metallics (DRI & Pig Iron) stood at 186328 tonnes, which was 17% lower when compared with corresponding period last year. The sales of Steel products stood at 305295 tonnes, which was 9% lower when compared to corresponding period last year. The power sales stood at 302.17 million kWh, which was 13% higher when compared with corresponding period last year.
Other Highlights
- Jindal Power (JPL), a subsidiary, has finalised financial results for the quarter ended Dec 31, 2008 which are as under:-
Net Sales – Rs 1160.67 crore
Profit after Tax – Rs 574.62 crore.
- Jindal Power is presently operating Mega Thermal Power Plant of 1000 MW capacity. The present capacity is further augmented by additional 2400 MW with an investment of around Rs 12000 crore to increase the total capacity to 3400 MW. The debt-equity ratio for the plant is in the ratio of 70:30. It is expected to be operational by 2013-14.
- The company has planned a capex of Rs 2000-2500 crore each year over the next 2 years.
- At the Bolivian mines there is extensive mine mapping work going on
- The company has marginal level of inventory of coking coal at the end of the quarter ended Dec’08
- The company procures coking coal from BHP.
- For the FY’10 the company has given guidance of around 1.6 to 1.9 Mt of steel production.
- The 1 Million tonne steel melting shop is expected to be commissioned during Mar’09 and expected to be stabilized in 6 months period. As a result the production is expected to be higher in the second half of FY’10.