Revenue stood at INR 4,173 crore, up by 33% over Q3FY21
EBITDA at INR 569 crore; up by 47% over Q3FY21
PAT at INR 515 crore; up by 91% over Q3FY21
Sales volume registered at 184,084 tonnes, down by 4% compared to Q3FY21
Revenue at INR 3,820 crore, up by 35% over Q3FY21
EBITDA at INR 520 crore, up by 48% over Q3FY21
PAT recorded at INR 341 crore, up by 79% over Q3FY21
Net lenders debt stood at INR 1,595 crore
New Delhi, February 9, 2022: The unaudited financial results of Jindal Stainless (Hisar) Limited (JSHL) for Q3FY22 were taken on record by its Board of Directors today. Leveraging its competitive edge in manufacturing value added stainless steel, JSHL increased sales of Specialty Products Division (SPD) by 32% on YoY basis. On a consolidated basis, JSHL registered a revenue of INR 4,173 crore, EBITDA of INR 569 crore, and PAT of INR 515 crore respectively. A dynamic product mix, augmented proportion of exports, and increased share of specialty products led to improved profitability for the Company. JSHL recorded highest ever quarterly sales in the Blade Steel and Precision Strip segments during Q3FY22. Company’s standalone revenue, EBITDA and PAT grew by 35%, 48% and 79% respectively. Additionally, collaboration with international mints also fetched JSHL new contracts for coin blanks. Net external debt stood at 1,595 crore as on December 31, 2021.
The service centre arm of JSHL, Jindal Stainless Steelway Limited (JSSL), recorded a 5% YoY growth in net revenue, from INR 682 crore to INR 716 crore, and a 32% YoY growth in EBITDA, from INR 32 crore to INR 43 crore. JSL Lifestyle Ltd., the lifestyle subsidiary of JSHL, registered a 47% growth in revenue and 40% growth in EBITDA as compared to Q3FY21, reaching INR 114 crore and INR 13 crore respectively. The subsidiary witnessed a demand revival from the railways segment, while maintaining its focus on the OEM and homeware segments.
Domestic industry is confronted with surging imports from China and Indonesia that witnessed an exponential jump, increasing by 230% and 310% respectively, on a year-to-date basis in 2021-22 as compared to monthly average in FY 2020-21. To counter this, JSHL strategically increased its exports share during Q3FY22 as shown in the table below:
Other key developments:
Financial Performance Summary (Figures in INR crore):
|SS Sales Volume (MT)||1,84,084||1,88,178||(2)%||5,23,383||3,94,157||33%|
|Total Revenue (net)||4,173||3,743||11%||10,693||6,298||70%|
|SS Sales Volume||1,84,084||1,88,178||(2)%||5,23,383||3,94,157||33%|
|Total Revenue (net)||3,820||3,415||12%||9,748||5,641||73%|
On a QoQ basis, JSHL’s revenue and EBITDA in Q3FY22 grew by 12% and 4% respectively. While imports captured more than one-third of the domestic market during the quarter, an agile product planning helped JSHL steer through. Strengthening its digitalization processes, JSHL also registered a considerable jump in its online order booking and achieved a 46% increase in its monthly transactions through online payment gateway during Q3FY22 as compared to Q2FY22.
On a 9-month basis, JSHL’s PAT stood at INR 918 crore, while EBITDA was INR 1,403 crore. 9MFY22 sales volume was recorded at 523,383 tonnes and net revenue of the Company was INR 9,748 crores.
Commenting on the performance of the Company, Managing Director, JSHL, Mr Abhyuday Jindal, said, “JSHL’s positive performance is backed by its operational excellence. Our specialty products have been the mainstay of our value added offering. Clubbed with proactive exports and agile product mix, we have been able to drive good growth despite dominance of China and Indonesia in Indian and international markets. We hope to increase the pie of stainless steel in the overall ecosystem through our market development efforts and awareness activities.”
For previous releases by Jindal Stainless (Hisar) Limited, click here.