The company’s board has recommended a final dividend of Rs 2 per equity share of the face value of Rs 1 each for the financial Year 2022-23.
Revenue from operations, too, dropped 4% to Rs 13,691 crore during the reporting quarter, compared with Rs 14,339 crore in the year ago quarter.
Adjusted EBITDA for the quarter stood at Rs 2,240 crore despite sharp increase in raw material costs.
The company reported production of 2.02 mt during the quarter, marginally down 2% on a sequential basis. However sales stood at 2.03 mt, higher by 7% QoQ.
Exports accounted for 11% of the total sales volume during the quarter compared to 5% in the third quarter reflecting a revival in exports post withdrawal of export duty.
For FY23, production was down to 7.89 mt as against 8.01 mt in FY22. Total sales (including pig iron) stood at 7.68 mt compared to 7.64 mt in FY22, despite imposition of export duty on steel exports which led to a decline of 60% in exports volume.JSPL continued its journey of deleveraging and has further reduced its net debt by Rs 1,923 crore during the year. Consolidated net debt stood was at a 15-year low of Rs 6,953 crore, as of March 2023.
Net debt to EBITDA stood at 0.7x as of March 23. The company said its balance sheet is ready to support the next phase of growth
“Our focus on cash generation is one of the key factors driving our growth. We are on track with our stated growth plans and are working towards making our angul integrated steel complex as more cost competitive with the opening of coal mines at Utkal-c in near future”, said Bimlendra Jha, MD, Jindal Steel and Power.
On Tuesday, JSPL shares closed 2.28% lower at Rs 561.95 apiece on NSE.