Jindal Stainless (Hisar) Limited Financial Results for the Quarter ended June 30, 2022 Q1FY23 Highlights
Consolidated performance:
- Revenue stood at INR 3,454 crore, up by24% YoY
- EBITDA at INR 337 crore; down by 18% YoY
- PAT at INR 308crore; down by 14% YoY
Standalone performance
- Revenue at INR 3,071 crore, up by 22% YoY
- EBITDA at INR 316 crore, down by 17% YoY
- PAT at INR 195 crore, down by 19% YoY
- Sales volume registered at 132,172metric tonnes
- Net lenders debt stood at INR 1,373crore
- Debt-to-equity ratio reduced to ~0.4
Gurugram, July 28, 2022: Jindal Stainless (Hisar) Limited’s (JSHL) Board of Directors took on record the Q1FY23 financial results today.Company’s standalone revenue, EBITDA and PAT stood at INR 3,071 crore, INR 316 crore, and INR 195 crore respectively duringQ1FY23.On a consolidated basis, JSHL’s Q1FY23revenue, EBITDA and PAT were recorded at INR 3,454crore, INR 337 crore, and INR 308crore respectively.Net external debt stood at INR 1,373 crore as on June 30, 2022, with debt-to-equity ratio reduced to ~0.4.
Jindal Stainless Steelway Limited (JSSL), the service centre arm of JSHL, recorded a net revenue of INR 534 crores and EBITDA of INR 20 crore during Q1FY23. JSHL’s lifestyle subsidiary, JSL Lifestyle Limited’snet revenue, EBITDA and PAT were recorded at INR 125 crore, INR 6 crore, and INR 2 crorerespectively.
The Company continued to serve the domestic and international markets by focusing on widening its value-added stainless steel product portfolio. JSHL catered to a robust stainless steel demand from key domestic sectors like automobiles, metro, railway coaches, and railway wagons. As part of new product development, JSHL’s in-house R&D wing evolved improved stainless steel grades and finishes for the lift and elevator and automobile segments. Additionally, the Companyfurther enhanced its digitization initiatives in Q1FY23 like Product & MTC authentication for existing and end customers, online order booking, and online payment portals.
A continuous free-flow of unwarranted stainless steel from China and Indonesia resulted in the share of imports rising to nearly 50% in Q1FY23. Moreover, the Indian government’s decision to impose a 15% duty on steel and stainless steel exports in Q1FY23 impacted the Company’s export sales. However, JSHL’s high-end Specialty Products Division (SPD) maintained its focus on exports during Q1FY23 and registered a 37% sales growth on YoY basis. in On the global front, raw material price were erratic owing to the ongoing Ukraine-Russia conflict. After initial buoyancy, the prices went down on account of loosening of worldwide speculationsintimidating investors, increased control on supply chains by governments across the world to fight inflation, decelerating Chinese economy due to renewed COVID lockdowns, and softening of logistical imbalances.
