keywords :
Jindal Stainless Limited announced the results for the quarter ended 31st December 2013.
Key Performance Highlights for the Quarter ended 31st December 2013;
Highlights for the Quarter (YoY);
1. Stainless Steel melting production volume up by 10% to 289,528 tonnes
2. Total Income from Operations (net) up by 17% to INR 3,015 crore
3. Exports up by 12% to INR 904 crore
4. EBITDA up by 30% to INR 156 crore
5. Net profit/(loss) stood at INR (301) crore.
Operational & Financial Performance;
YoY Comparison;;
| Particulars | Q3 FY 2013-14 | Q3 FY 2012-13 |
Change |
| Production Volumes |
|
||
| Stainless Steel Melting (tons) | 289528 | 262884 |
10.00% |
| Ferro Alloys (tons) | 35128 | 16771 |
109.00% |
| Net Power (MU) | 263 | 282 |
-7.00% |
| Sales Volumes (tonnes) |
|
||
| Stainless Steel (tons) | 260772 | 228593 |
14.00% |
| Total Income from Operations (net) | 3015 | 2584 |
17.00% |
| EBITDA | 156 | 121 |
30.00% |
| Non- operating other income | 7 | 12 |
|
| Interest | 313 | 263 |
19.00% |
| Depreciation | 176 | 171 |
3.00% |
| Exceptional Gain / (Loss) | 24 | -80 |
|
| Profit before tax | -301 | -381 |
|
| Profit after tax | -301 | -257 |
|
Nine Months YoY comparison;
| Particulars | 9M FY 2013-14 | 9M FY 2012-13 |
Change |
| Production Volumes |
|
||
| Stainless Steel Melting (tons) | 841876 | 742780 |
13.00% |
| Ferro Alloys (tons) | 119750 | 78128 |
53.00% |
| Net Power (MU) | 880 | 878 |
0.00% |
| Sales Volumes (tonnes) |
|
||
| Stainless Steel (tonnes) | 769390 | 649974 |
18.00% |
| Total Income from Operations (net) | 8884 | 7265 |
22.00% |
| EBITDA | 629 | 469 |
34.00% |
| Non- operating other income | 29 | 36 |
|
| Interest | 898 | 721 |
25.00% |
| Depreciation | 511 | 512 |
0.00% |
| Exceptional Gain / (Loss) | -452 | -221 |
|
| Profit before tax | -1204 | -949 |
|
| Profit after tax | -1188 | -641 |
|
Corresponding Quarter Comparison (Oct’13-Dec’13 v/s Oct’12-Dec’12);
During the Q3 ended 31st December 2013, the Company has achieved stainless steel melting production of 289,528 tonnes, ferro alloys production of 35,128 tonnes which are around 10% & 109% up respectively as compared to previous year corresponding period figures. The stainless steel sales volume also witnessed an increase of around 14% to 260,772 tonnes during the same period. However, net power generation is of 263 million units which is around 7% down YoY.
Total income from operations (net) for the Q3 ended 31st December 2013 grew by 17% to INR 3,015 crore in comparison to the previous year corresponding period figure of INR 2,584 crore. EBITDA for the Q3 ended 31st December 2013 was at INR 156 crore which is 30% higher than the previous year corresponding period figure of INR 121 crore.
Interest cost for the quarter has increased by around 19% to INR 313 crore as compared to previous year corresponding period figure of INR 263 crore, on account of conversion of certain foreign currency loans into INR loans & higher utilization of working capital facilities. This quarter witnessed exceptional gain of INR 24 crore vis a vis exceptional loss of INR 80 crore in the corresponding period.
Nine Months Comparison (Apr’13-Dec’13 v/s Apr’12-Dec’12);
During the nine months ended 31st December 2013 the stainless steel melting production and ferro alloys production were up by 13% & 53% respectively as compared to nine months ended 31st December 2012. Total income from operations (net) was up by 22% in comparison to nine months ended 31st December 2012. EBITDA is up by 34% to INR 629 crore in comparison to nine months ended 31st December 2012.