Key Performance Highlight For The Quarter & Financial Year Ended 31st March 2015

Standalone Performance:

Quarter Performance: During the 4th Quarter ended 31st March 2015, the Company has achieved stainless steel melting production of 299,115 MT and sales of 281,097 MT which were around 2% & 8% higher as compared to previous year corresponding figures. Total income from operations and EBITDA for the 4th quarter ended 31st March 2015 grew by 7% & 36 % to Rs. 3,287 crore and Rs 347 crore respectively. As compared to previous quarter, the company has achieved a growth of 148% in EBITDA to Rs 347 crore. Also, on account of improved efficiencies mainly at Jajpur operations, the company has been able to achieve cash profit during this quarter.

Y-o-Y (12 Months) Performance Review:

Standalone Financials: During FY 2014-15, the Company has achieved the stainless steel sales volume of 1 million MT to 1,057,133 MT which is 3% higher as compared to previous year. Total Income from operations (net) for the Standalone Financials financial year ended 31st March 2015 grew by 7% to Rs. 12,802 crore. EBITDA for the financial year ended 31st March 2015, stood at Rs.1,041 crore which is around 18% high, attributable to improved efficiencies and reduced raw material prices.

Interest cost during the FY 2014-15 increased by around 10% mainly on account of higher utilization of working capital facilities. Further, pursuant to the requirements of Schedule II of the Companies Act, 2013, the Company has, effective April 1, 2014, reviewed and revised the estimated useful lives of its fixed assets resulting in reduction of depreciation charge for the full year by around Rs. 193 crore. Accordingly, the net loss for the FY 2014-15 reduced to Rs 726 crore as compared to last year loss of Rs 1,390 crore.

Accordingly, the net loss for the FY 2014-15 reduced to Rs 726 crore as compared to last year loss of Rs 1,390 crore.

Consolidated Financials: During the financial year ended 31 Consolidated Financials st March 2015, total income from operations and EBITDA grew to Rs. 13,799 crore (up by 7%) and Rs 1,147 crore (up by 14%) respectively. The consolidated net loss of the company stood at Rs. 705 crore as compared to the loss of Rs 1,368 crore during the previous financial year.

Asset Monetisation cum Business Reorganisation Plan (AMP):

The Composite Scheme of Arrangement (“Scheme”) among Jindal Stainless Limited (JSL), and its three wholly owned subsidiaries namely Jindal Stainless (Hisar) Limited, Jindal United Steel Limited and Jindal Coke Limited under the provision of Sec 391-394 read with 100-103 of the Companies Act, 1956 and other relevant provision of Companies Act, 1956 and /or Companies Act, 2013 was approved by the Board of Directors in its meeting held on December 29, 2014. Pursuant to receipt of ‘No-objection’ and ‘No adverse observation’ letters from BSE & NSE, the Scheme was filed with Hon’ble High Court of Punjab and Haryana (“High Court”) on March 27, 2015.

The Court convened meeting of the shareholders and creditors held on 16th May 2015 in which above Scheme have been passed by the Stakeholders. Impact of the Scheme will be given in the accounts on the approval of the Honourable High Court and other necessary approval.

Outlook:

Being optimistic with respect to future, the international economic scenario continues to carry indicators
of exercising caution. Commodity price of nickel continues to remain range bound and domestic market
is showing signs of some improvement in consumer/industrial demand.