Jindal Steel and Power Ltd | Business Upturn

Naveen Jindal to retire as Jindal Steel & Power Non-executive Chairman

Vanshika Lodhi — Mon, 18 Sep 2023 15:11:39 +0000

Jindal Steel and Power Ltd (JSPL), a private steel company, announced on Monday (September 18) that Naveen Jindal will become the non-executive chairman from October 1, 2023. His term as “executive director, designated as chairman,” is set to end on September 30, 2023, according to a regulatory filing by Jindal Steel and Power. On the BSE, Jindal Steel and Power Ltd’s shares closed at Rs 701.90, a decrease of Rs 10.10 or 1.42 percent.

The company stated, “We would like to inform that Naveen Jindal’s appointment as executive director, designated as chairman, is due to end on September 30, 2023. Naveen Jindal has chosen to remain on the Board as a non-executive chairman, effective from October 1, 2023.” As a non-executive chairman, Jindal will not receive any remuneration from the company, except for a sitting fee for attending board and committee meetings; and any compensation to be paid to non-executive directors from time to time.

The company further added that Jindal will continue to guide the company with a focus on nation-building, value creation, and sustainable development.

Jindal Steel and Power Q1 result: Net profit grows 967% to Rs 2,516 crore

Vandana Nampoothiri — Tue, 10 Aug 2021 12:25:05 +0000

Jindal Steel and Power Limited (JSPL) on Tuesday reported a ten-fold increase in its consolidated profit in its regulatory filing. The consolidated net profit stands at Rs. 2,515.71 crores as opposed to ₹235.71 crores in 2020.

The total income of the company was reported to be Rs.10.643.17 crores as compared to Rs. 6,519.27 crore in last year.

“Continued cash generation, declining finance cost, lower CAPEX, and debt associated with JPL moving out of JSPL’s consolidated books have all contributed to continued deleveraging in 1QFY22. Consolidated net debt has declined further to ₹15,227 crores in 1QFY22 (from ₹22,146 crores in March 2021). Conclusion of JPL divestment (now accounted as an asset held for sale) will result in net debt declining further, taking JSPL a step closer to its vision of becoming a Net Debt-free company,” JSPL said in its filing.

JSPL also reported an increase in net revenue. In the June quarter, the company gained a net revenue of 10,609.50 crores as against ₹6,517.52 crores last year.

According to LiveMint, Jindal Steel and Power produced 2.01 million tonnes of steel, a record high, and 2.16 million tonnes of pellets during the June quarter. The company sold 1.61 million tonnes of steel, against 1.56 million tonnes in the year-ago period. Pellets sales during the quarter stood at 0.40 million tonnes against 0.83 million tonnes.

JSPL records highest-ever production and sales in December

Ruchira Sonawat — Mon, 04 Jan 2021 08:41:58 +0000

Jindal Steel and Power Ltd (JSPL) operations, on Monday, reported highest ever monthly production volumes with 7.27 lakh tonnes during December.

Its Angul steel plant reported the highest ever monthly production to 4.16 lakh tonnes and the Raigarh steel plant to 3.11 lakh tonnes. The company said in a statement that JSPL also reported the highest ever monthly sales of 7.11 lakh tonnes in December. In Q3FY21, the company posted a record steel production of 19.3 lakh tonnes compared to 16.1 lakh tonnes in Q3FY20.

JSPL’s standalone steel sales also increased by 12 per cent year-on-year to 18.8 lakh tonnes in Q3FY21 compared to 16.7 lakh tonnes in Q3FY20. JSPL’s steel exports increased by 18 per cent year-on-year to 3.87 lakh tonnes in Q3FY21, contributing 21 per cent to the total sales volumes.

At 14:03 hours, JSPL was quoting at Rs 282.60, up to Rs 12.45, or 4.61 per cent.