Jindal Steel and Power shares hit 52 week high on strong Q4 performance

JSPL Q4 results: Shares of Jindal Steel and Power Limited (JSPL) rose as much as 4.11 per cent to hit a 52-week high of Rs 977.95 per share, on Tuesday. 

The surge came after the company announced a strong set of quarter-ending March of financial year 2024 (Q4FY24) results.

The steel giant’s bottomline doubled from previous fiscal year (FY23) as input costs declined. Jindal Steel and Power’s consolidated profit after tax increased to Rs 933 crore in the quarter-ending March of financial year 2024 (Q4FY24), from Rs 466 crore a year ago (Q4FY23).

Its topline, however, fell 1.4 per cent to Rs 13,521 crore on lower steel prices, making this tycoon Naveen Jindal-led steelmaker's smallest revenue fall in five quarters.

JSPL’s adjusted earnings before interest, taxes, depreciation and amortisation (Adj. Ebitda) jumped to Rs 12,496 crore in Q4FY24, from Rs 11,035 crore in Q4FyY23.

The company's input costs eased nearly 15 per cent to Rs 5,265 crore in the same period.

Meanwhile, Crude steel production surged 9 per cent Y-o-Y during Q4FY24 to 37.3mt and 13 per cent Y-o-Y during FY24 to 144mt. 

The steel exports also increased 122 per cent sequentially during Q4FY24, primarily driven by higher exports of HRC and plates. Country-wise, India exported more into Vietnam and Spain sequentially.

The board of directors also recommended a final dividend of Rs 2 per share of face value Rs 1 each for the financial year 2023-24 (FY24), which shall be paid, subject to the approval of the shareholders.

The market capitalisation of Jindal Steel and Power is Rs 98,719.03 crore. Its 52-week low is Rs 503.

At 11:22 AM, shares of JSPL were trading a little over 3 per cent higher at Rs 967.80 per share. By comparison, S&P BSE Sensex was up 0.28 per cent at 72,978.55 levels.