Jindal Steel and Power shares rise over 4% after net profit more than doubles in March quarter

Shares of JSPL gained as much as 4.66% to an intraday high of ₹983.3 apiece on the NSE. The stock closed at ₹979, up 4.3%.

In its quarterly results released on Monday, Jindal Steel and Power reported a consolidated net profit of ₹933 crore for the fourth quarter of FY24. The steel maker’s net profit more than doubled year-on-year compared to ₹466 crore recorded in Q4FY23.

However, compared to the previous quarter, profit fell 52% from ₹1,928 crore reported in Q3FY24.

The consolidated gross revenue for Q4FY24 almost remained flat at ₹15,749 crore, compared to ₹15,797 crore in the year-ago period.

Adjusted EBITDA for the quarter stood at ₹2,512 crore, adjusted for a one-off FX loss of ₹68 crore in Q4FY24.

In Q4FY24, Jindal Steel and Power’s standalone net revenue amounted to ₹13,788 crore, reflecting growth compared to ₹13,403 crore in the same quarter a year-ago.

The company’s standalone gross revenue for the same quarter stood at ₹15,847 crore, indicating an increase from ₹15,490 crore reported in Q4FY23.

Jindal Steel and Power reported a net profit of ₹1,281.53 crore in Q4FY24, marking a notable improvement from the ₹789.20 crore recorded in Q4FY23.

The company also proposed a final dividend for the financial year 2023-24 at a rate of 200%, which translates to ₹2 per equity share of face value ₹1 each. This dividend shall be distributed out of the profits of the company for the financial year 2023-24, pending approval from the shareholders at the annual general meeting.