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Jindal Stainless Hisar Limited announces Q2FY22 earnings

Posted On: 2021-10-28 15:16:02 (Time Zone: IST)

The financial results of Jindal Stainless (Hisar) Limited (JSHL) for Q2FY22 were taken on record by its Board of Directors today. Accelerated pace of the vaccination drive and consistent decline in the pandemic's impact have led to a quick economic recovery after the second wave of COVID in Q1FY22. Normalisation of demand from all consumer-facing segments has led to a rebound in sales volume. JSHL's sales volume grew by 25% to 188,178 tonnes in Q2FY22 over Q1FY22. Primarily driven by higher volumes in both domestic and export markets along with an increase in the share of Specialty Product Division (SPD) volumes, EBITDA grew by 31% in Q2FY22 over the sequential quarter. On a standalone basis, JSHL's EBITDA and profit after tax (PAT) stood at INR 501 crore and INR 338 crore respectively. Prices of input materials rose consistently throughout the second quarter. The average LME prices of Nickel increased by 10% and Ferro-chrome by 21 % in Q2FY22 over Q1FY22.

On a standalone basis, for the half-year ending September 30, 2021, revenue stood at INR 5,927 crore. EBITDA and PAT stood at INR 883 crore and INR 577 crore respectively. Net Lenders' debt as on September 30, 2021 stood at INR 1,359 crore. The interest cost during H1 FY22 was reduced by 62% to INR 50 crore over H1 FY21.

Standalone performance:

  • Sales volume registered at 188,178 tonnes, up by 25% over Q1FY22
  • Revenue at INR 3,415 crore, up by 36% over Q1FY22
  • EBITDA at INR 501 crore, up by 31% over Q1FY22
  • PAT recorded at INR 338 crore vs INR 240 crore in Q1FY22, up by 41%
  • Net Lenders' debt stood at INR 1,359 crore
  • Interest cost reduced by 69% YoY

Consolidated performance:
  • Revenue stood at INR 3,743 crore, up by 35% over Q1FY22
  • EBITDA at INR 567 crore; up by 37% over Q1FY22
  • PAT at INR 499 crore; up by 39% over Q1FY22

All end-use segments like Pipe & Tube, Hollowware, white goods along with Railways & Wagons, and Metro Rail grew during the quarter. Sales in the auto segment were weak as the semiconductors' shortage led to a decline in the production of passenger vehicles. JSHL's Specialty Product Division's sales grew by 31% in Q2FY22 over the corresponding period last year, led by higher sales in the Blade Steel and Precision Strips segments. Higher sales volume in SPD was also on account of additional capacity due to recent commissioning of the brownfield expansion project. Current supply chain challenges due to container scarcity did not have any significant impact as domestic sourcing of raw materials has fairly increased.

Along with the rise in overall sales volume and changing market dynamics, exports percentage also rose to 14% in Q2FY22 from 7% in Q2FY21.

On a consolidated basis, Q2FY22 PAT stood at INR 499 crore, while EBITDA was INR 567 crore and net revenue of the Company was INR 3,743 crore. JSHL continued its digitization initiatives. SAP Hybris, the customer-centric platform continued to see increased usage from all customer segments, enhancing the overall efficacy of the sales function. JSHL also initiated a SAP-enabled digital transport management system which is expected to bring about significant efficiency improvement in the overall supply chain through real-time exchange of information across the entire gamut of stakeholders and consequent reduction in turn-around time.

Commenting on the performance of the Company, Managing Director, JSHL, Mr Abhyuday Jindal, said, "Strong macro-economic fundamentals of the economy led to a quick recovery during the second quarter and strengthened market demand. Continuous rise in global commodity and energy prices is likely to maintain some uncertainty in the business environment. However, an overall increase in government spending along with further improvement in economic activity will support demand recovery. The capacity addition at SPD has boosted our volumes in the value-added segment for both domestic and export markets. Upsurge in subsidized imports from China and Indonesia is a cause of worry for the domestic stainless steel industry and we are seeking government intervention in this issue."

Shares of Jindal Stainless (Hisar) Limited was last trading in BSE at Rs. 338.75 as compared to the previous close of Rs. 339.75. The total number of shares traded during the day was 67462 in over 2400 trades.

The stock hit an intraday high of Rs. 358.40 and intraday low of 335.05. The net turnover during the day was Rs. 23329813.00.

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