New Delhi, India – January 30, 2025 – Jindal Steel & Power (JSP) (NSE: JSP) released its Q3FY25 financial results, reporting a Profit After Tax (PAT) of INR 951 Cr, reflecting a 51% year-over-year (YoY) decline despite higher steel sales volume.
Key Financial Highlights (Consolidated)
| Parameter | Q3FY25 | Q3FY24 | YoY % | Q2FY25 | QoQ % |
|---|---|---|---|---|---|
| Gross Revenue (INR Cr) | 13,707 | 13,698 | +0.1% | 13,025 | +5.2% |
| Adjusted EBITDA (INR Cr) | 2,133 | 2,802 | -24% | 2,124 | +0.4% |
| Profit After Tax (INR Cr) | 951 | 1,928 | -51% | 860 | +10.6% |
| Steel Production (mt) | 1.99 | 1.94 | +3% | 1.97 | +1% |
| Steel Sales (mt) | 1.90 | 1.81 | +5% | 1.85 | +2.7% |
Nine-Month FY25 (9MFY25) Performance
- Gross Revenue: INR 42,519 Cr, up 0.4% YoY.
- Adjusted EBITDA: INR 7,088 Cr, down 8.2% YoY.
- Profit After Tax: INR 3,149 Cr, down 37.2% YoY.
- Steel Production: 6.01 mt (+2.2% YoY).
- Steel Sales: 5.85 mt (+3.4% YoY).
Debt & Expansion Updates
- Net Debt: INR 13,551 Cr (vs. INR 12,464 Cr in Q2FY25).
- Net Debt-to-EBITDA Ratio: 1.40x, up from 1.21x in Q2FY25.
- Capex: INR 2,857 Cr, primarily for Angul expansion projects.
Industry Trends
- India’s steel production: 38.4 mt (+6% QoQ).
- Apparent steel consumption: +4% QoQ.
- Exports: 1.8 mt, +44% QoQ.
- Imports: 2.8 mt, -13% QoQ.
- India remains a net importer of steel.
Management Commentary
JSP’s leadership highlighted steady sales growth and production expansion, while acknowledging profitability pressures due to lower EBITDA margins. The company remains committed to ongoing expansion projects and expects strong demand in the upcoming quarters.Strategic Outlook
- Continued investment in production capacity.
- Focus on operational efficiencies and cost management.
- Strengthening exports while navigating import trends.
JSP’s profitability challenges were evident in lower YoY PAT and EBITDA compression, despite steady revenue and volume growth. However, with ongoing capex investments and positive industry demand, the company remains optimistic about future profit recovery and expansion-driven growth.