JSPL achieves its capacity growth in FY 14 

Jindal Steel and Power Ltd. Q4 & Annual Results FY 13-14

by kapil Sharma Sunday, May 04, 2014
Q4 of Year 2013-14 marks a turning point for Jindal Steel and Power Limited with the company during this quarter saw successful completion of its Angul Phase – I steel project and three (3) units of 600 MW each in Tamnar (JPL). In addition to the above plants, company’s 2 MTPA Steel Plant in

Oman has been completed in Q4 14 and successfully commenced its commercial production in April 2014.. The plant, Oman’s first & largest and Middle East’s third largest plant was put into use in just 23 months. Company’s second 4.5 MTPA pallet plant also completed and with that the total pellet production capacity rose to 9.0 MTPA.

In parallel with the execution of new projects, the company also undertook overhaul and up gradation of its existing 3 MTPA plant in Raigarh, which included inter alia, modernization of its both Blast Furnaces, EAFs, Plate Mill and Slab Caster. The upgradation which started from January, 2014 is expected to be completed by June ,2014. While the upgradation and modernization would enhance the productivity of the Raigarh unit substantially, in the short term covering Q4FY14 and Q1 FY 15 output from this plant has been affected. This consequently had impact on the physical output and financial performance of the company during Q4FY14. As a result, JSPL’s Standalone turnover during Q4FY14 was 13% less than Q4 of the previous year. The PAT dropped by 10% compared to Q4 of FY13. PBT and PAT were adversely impacted due to additional load of Rs. 260 Crores from the combined impact of depreciation and interest during Q4FY14. For the year FY2014, the interest and depreciation aggregated to Rs.3,330 Crores compared to Rs.2,397 Crores in FY2013 on consolidated basis.

While drop in sale was a consequence of plants limited availability, the company did remarkably well to enhance its performance in both Steel Retail and Export. The retail business during FY14 grew by 333% compared to FY13. Exports during FY14 rose by 160% compared to previous year. Company’s relentless efforts to reach out premium market segments and market special grade of steel resulted in significant increase of its Net sales realization (NSR) which in Q4 increased by 9% compared to Q4FY13. JSPL’s continued focus on “Finished Goods” inventory management saw it drop from 426,183 MTPA in April 2013 to 327,056 MTPA in March 31, 2013. (23 drop).

Due to severe constrains in power evacuation, the revenue and PAT of Jindal Power Limited (JSPL subsidiary) during Q4FY14 dropped by 23%. In Angul, balance two (2) power units of 135 MW each were successfully commissioned and synchronized during Q4FY14.

While annual revenue of JSPL’s global ventures increased by 25%, the dropping of coking coal prices and acquisition of Wollongong Limited (formerly Gurajat NRE) in Australia adversely impacted the PAT. JSPL Oman HBI plant increased its annual revenue by 10%. The recently commissioned SMS in Oman and augmented mining operations are set to see a quantum jump in earnings of global ventures during FY15.

0    submitted by kapil Sharma
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