₹1,686.94 crore, a fall of 14.37% year-on-year (YoY) from ₹1,960.13 crore during the same period last fiscal. The company reported adjusted Ebitda of ₹2,704 crore, a 17% fall YoY. The company is on the path of deleveraging, with the net debt reduced by ₹141 crore to stand at ₹6,812 crore, with net debt-to-Ebitda at 0.75x, while debt-to-equity stood at 0.29.
“The balance sheet continues to strengthen while supporting the ongoing capex. The total capex for the quarter was ₹1,899 crore largely driven by the Angul expansion project," it added in a filing to the stock exchanges. The company took fresh loans to the tune of ₹1,074 crore during the quarter as part of a refinancing program, and ended the quarter with ₹3,800 crore cash balance.
Bimlendra Jha, managing director of JSPL, said, “We have now achieved a significant milestone of successfully commissioning our state-of-the-art pellet plant at Angul. We have also signed a mining lease for two thermal coal mines – Gare Palma IV/6 and Utkal C, which will lead to consistent availability of coal for our thermal coal requirements in DRI Kilns, Coal Gasification, and Power Plants at lower costs." The company said it has secured three new non-coking coal mines in FY 2022-23 to reduce reliance on third-party suppliers. The mines will likely commence operations in FY 2023-24.
The company’s total crude steel capacity currently stands at 9.6 MTPA (million tonne per annum). The Delhi-based company reported steel production at 2.04 million tonne (MT) in Q1, an increase of 2% YoY, while steel sales stood at 1.84 MT in Q1 FY24, a 6% rise YoY driven by seasonally weak consumption in the domestic market. The share of exports in Q1 stood at 10%.
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