OP Jindal Group-owned Jindal Steel and Power on Tuesday reported nearly 79 percent decrease in net profit at Rs 465.7 crore for the fourth quarter (Q4FY23) that ended on March 31, 2023. It was Rs 2,206 crore in the corresponding quarter of last year. The board has recommended a final dividend of Rs 2 per equity share for financial year (FY) 2022-23.

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The steel major's revenue came in at Rs 13,691.9 crore, down 4.5 percent on-year in the quarter under review as compared to Rs 14,339 crore in the year-ago period.

Adjusted EBITDA for the quarter came in at Rs 2,240 crore despite sharp increase in raw material costs. Margins came in at 16 percent.

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"Our focus on cash generation is one of the key factors driving our growth. We are on track with our stated growth plans and are working towards making our angul integrated steel complex as more cost competitive with the opening of coal mines at Utkal-c in near future," said Bimlendra Jha, MD of Jindal Steel.

Exports accounted for 11 percent of the overall sales volume during the quarter under review as against 5 percent in the third quarter, reflecting a revival in exports post withdrawal of export duty.

For fiscal FY23, production was down to 7.89 mt as against 8.01 mt in FY22. Total sales (including pig iron) stood at 7.68 mt compared to 7.64 mt in FY22, despite imposition of export duty on steel exports, which led to a decline of 60 percent in exports volume.

Shares of JSPL closed 2.66 percent down at Rs 560.20 apiece on the BSE in Tuesday's trade. The stock fell nearly 6 percent on a year-to-date basis, while it rose 16 percent in the last one year.

First Published:May 16, 2023 6:44 PM IST