Jindal Steel and Power has reported a net profit of Rs 2,584 crore for the quarter ended September -- 67 percent higher than that of the corresponding quarter in the previous financial year.
The debt levels of Jindal Steel and Power Ltd (JSPL) will be at Rs 5,000 crore by the end of March and by the end of June 2022, we will be completely debt-free, VR Sharma, MD of the company told CNBC-TV18.
“Out of our accruals, we will be in a position to pay back. Then in the month of June, that is by the end of the first quarter of financial year 23 or latest by the month of July, we will be a net debt-free company,” he said.
The company has reported a net profit of Rs 2,584 crore for the quarter ended September -- 67 percent higher than that of the corresponding quarter in the previous financial year. It had reported a net profit of Rs 836.6 crore in the second quarter of FY21.
For the first half of the year, the company has accrued volumes of about 3.95 million tonnes and is planning to add 4.2 million tonnes in the second half of the year. “Put together we will be doing volumes of around 8.15 million tonnes in this particular financial year,” he said.
“Domestic sales versus exports - exports we are maintaining around USD 150 per tonne to EBITDA in the domestic sales, now it is little softer. We are concentrating on rains, on speciality plates. We are only in the finished goods now,” he stated.
The company will continue increasing its exports but the overall yearly annual goal is 32-35 percent.
In Q2FY22 JSPL reported EBITDA per tonne around Rs 21,500. “We will be mainlining it, it will be more than Rs 21,000 in the times to come,” he said.
When asked if the company is looking at equity infusion, he replied, “We don’t need any equity from foreign partners today. Whatever we want to grow, we have the resources available. We are not jumping on any immediate growth, we are going slow and steady and we will be investing our accruals.”
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