Jindal Steel and Power (JSPL) do not expect any more increase in coking coal prices, VR Sharma, managing director, told CNBC-TV18.
One of the country’s major private sector steel manufacturers, on February 8 reported a 33.5 percent drop in consolidated profit at Rs 1,621.6 crore for the third quarter ended December 31, 2021. In the corresponding quarter last year, the company posted a net profit of Rs 2,440 crore.
“We are not expecting anymore increase in coking coal prices and this is going to give respite to the steel industry as well as the end customers,” Sharma said.
Also Read: JSPL Q3 results: Net profit drops 33.5% YoY to Rs 1,621.6 crore, revenue up 35% at Rs 12,525 crore; misses estimates
He also expects to see a price increase of Rs 5,000-6,000 per tonne in long products across the country.
Talking about numbers, he said the cost inputs were high and prices were down in Q3 of FY22. However, EBITDA per tonne in Q4 will be more than Rs 20,000.
On debt, Sharma said the company will be below Rs 5,000 crore by end of March 31, 2022, and will be debt-free by Q1 of FY23.
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