Share price of this large-cap steel stock jumped by 4.11 percent on BSE to hit an intraday high at Rs. 977.95 in the morning trading session of Tuesday, after reporting a rise in net profit by 100.5 percent YoY.
With a market capitalisation of Rs. 98,805.8 crore, at 10:37 a.m., the shares of Jindal Steel & Power Limited were trading in the green at Rs. 967.6, up by 3.01 percent.
The fluctuations in the share prices were observed after the company announced the financial results for Q4 FY23-24 and FY24, through the recent filings with the stock exchanges on Tuesday.
Jindal Steel & Power witnessed a rise in revenue from operations by 15.3 percent QoQ from Rs. 11,701.32 crore in Q3 FY23-24 to Rs. 13,487 crore in Q4 FY23-24, but fell by 1.5 percent YoY from Rs. 13,692 crore in Q4 FY22-23 to Rs. 13,487 crore in Q4 FY23-24.
The net profit of the company stood at Rs. 933.5 crore in Q4 FY23-24, increasing by 100.5 percent YoY from Rs. 465.66 crore in Q4 FY22-23, but falling by 51.6 percent QoQ from Rs. 1,928 crore in Q3 FY23-24
The adjusted EBITDA stood at Rs. 2,512 crore in Q4 FY024 increasing by 12.2 percent YoY from Rs. 2,240 crore in Q4 FY22-23, but declining by 10.4 percent QoQ from Rs. 2,802 crore in Q3 FY23-24.
The company spent Rs. 2,523 crore worth capex during the quarter and Rs. 8,517 crore in FY23-24, and reported the consolidated production stood at 7.92 metric tons (MT) in FY23-24.
JSPL’s consolidated net debt stood at Rs 11,203 crore in Q4 FY23-24, from Rs 9,115 crore in Q3 FY23-24. Increased debt reflects higher payments on account of the completion of different projects in line with the capex program, added by the company.
Further, the company’s Board recommended a final dividend of Rs. 2 per equity share of face value Re. 1 each for FY23-24, subject to the approval of the shareholders.
As of March 2024, FIIs hold 11.93 percent of the shares, whereas DIIs hold 14.73 percent of the shares in the company, aggregating to 26.66 percent of the institutional holdings.
The stock has delivered positive returns of about 68.7 percent in the last one year and nearly 49.7 percent in the last six months. So far in 2024, it has given around 30.7 percent of positive returns.
Jindal Steel & Power Limited is one of India’s leading steel manufacturers, with a significant presence in steel, power, mining and infrastructure.
Written by Shivani Singh
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