Jindal Steel reports 272% rise in Q3 net profit on price hikes

JSPL had posted a consolidated net profit of Rs 518 crore in Q3FY23.

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26 Aug, 2025 12:21

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Jindal Steel & Power reported a consolidated net profit of Rs 1,928 crore for the third quarter of FY24, registering a gain of 272 percent compared to last year, as the company benefitted from recent price hikes and improved realizations amid a robust domestic demand environment.

JSPL had posted a consolidated net profit of Rs 518 crore in Q3FY23.

The Naveen Jindal-led company's consolidated net revenue in the October-December quarter declined 5.9 percent to Rs 11,736 crore amid lower volumes. On a sequential basis, revenue fell 4 percent while net profit jumped 38.7 percent.

On a standalone basis,  Jindal Steel reported net profit of Rs 1,484 crore as compared to loss of Rs 4,512 crore reported last year same quarter. Gross revenue for the quarter came at Rs 13,485 crore, down 3% from last year.

"Robust performance was driven by improved NSR (net sales realisation)  supported by lower raw material cost as benefits from captive thermal coal mines in India starts materialising, partly offset by lower volumes during the quarter," the company said in a statement.

It reported adjusted earnings before interest, tax, depreciation, and amortization (Ebitda) for Q3FY24 of Rs 2,802 crore, 19 percent higher YOY. The company's net debt increased 18 percent to Rs 9,115 crore as of December 31, 2023.

JSP is well poised to take dual benefit of volume growth and improvement in product mix over FY23-26E post commissioning of HSM; however, there has been delays of few quarters in blast furnace commissioning which would impact FY25 volumes, bokerage Prabhudas Liladhar wrote in a note in November.

Earlier in January, JSPL announced the commissioning of a 6 MTPA hot strip mill at its steel manufacturing facility in Angul, Odisha..