Jindal Steel & Power Ltd. expects to be net debt free in the current fiscal year.
The steelmaker is aiming to reduce its debt by nearly Rs 5,500 crore over the year, making it net debt, its managing director VR Sharma said.
The steel company also expects its stand-alone operating profit to increase by 20% in FY23, Sharma told BQ Prime in an interview. The company, he said, well missed the consensus forecast for Ebitda of Rs 3,673.9 crore, but hit the internal target.
JSPL saw its earnings before interest, tax, depreciation and amortization fall by 15.2% from a year earlier to Rs 15,037 crore in FY22.
FY22 Fourth Quarter Highlights (QoQ)
Net profit fell by 5.8% to Rs 1,527 crore.
Revenue rose by 14.5% to Rs 14,340 crore.
Ebitda fell 5.8% to Rs 3,070 crore.
JSPL also maintained its nearly 18,000 crore investment plan for FY23. two to three months, after which “things would be back to normal”.
Once exports resume from July, Sharma said the company would not export wire rod (used in electrodes, automotive components and hardware makers, among others) – MSMEs’ biggest requirement – but would continue to export special plates, yellow goods plates and capital goods. plates.