Jindal Steel and Power share price tanks over 12% as Q3 results disappoint investors

At 9:30 am, the stock was trading at ₹734.15 on BSE, tanking 12.61%. On NSE, the scrip was down 10% at ₹756.05.

The metals major reported a 51% fall year-on-year in its consolidated net profit for Q3FY25 at around ₹951 crore, even as revenues inched slightly up, and both production and sales increased during the quarter.

JSPL’s consolidated revenue rose slightly on-year to around ₹11,751 crore, while the adjusted EBITDA declined by nearly 24% YoY to ₹2,133 crore. The firm’s net debt increased to ₹13,551 crore during the quarter, compared to ₹12,464 crore in the previous quarter.

Steel production for the quarter was 1.99 million tonnes, up by 2.5% year-on-year, while sales increased by 5% over the same period to 1.90 million tonnes (mt), the company said in a press release. 

Exports contributed 7% to JSPL’s quarterly sales. For the nine months ended December, 2024, the metal firm reported a gross revenue of ₹42,519 crore, with a net profit of ₹3,149 crore.

“The planned expansion projects are progressing well as per the stipulated timelines, supported by strong company financials. The total capex for the quarter was ₹2,857 crore largely driven by the expansion projects at Angul,” the company said in a note to the exchanges.

India’s steel production for the quarter stood at 38.4 mt, rising 6% quarter-on-quarter (QoQ) and apparent steel consumption grew by 4% sequentially. Exports grew 44% QoQ to 1.8 mt while imports continued to trend down, declining 13% QoQ to 2.8 mt. India continues to remain net importer.

Total steel imports moderated with a 13% sequential decline during Q3FY25 as import offers declined after the onset of investigations on imports from Vietnam. However, imports remained elevated at 8.1mt, YoY up 16% during 9MFY25. “With domestic prices nearly at par with import parity and continued investigation on imports, imports are likely to decline further,” the company said.