New Delhi : The Board of Directors of Jindal Stainless Limited (JSL) took on record the financial results for Q4FY22 today.The Company maintained a strong performance on the back of adaptive strategies in supply chain and product basket management. Despite volatility and global disruptions in raw material supply and logistics, the Company effectively doubled its exports sales proportion to 32% of total sales volumes in Q4FY22 as compared to 16% Q4FY21, with a keen focus on the value-added product segments.The standalone revenue, EBITDA and PAT grew by 65%, 46% and 152% respectively over Q4FY21. Net external debt stood at INR 1,546crores as on March 31, 2022, with debt-to-equity ratio reduced to ~0.6. Interest cost reduced by 25% to INR 68crores for Q4FY22 as compared to CPLY. On a consolidated basis, JSL recorded a revenue of INR 6,564crores during Q4FY22. EBITDA and PAT stood at INR 842 crores and INR 750crores respectively.
Key domestic sectors like elevators and escalators, railway wagons, railway coaches and metros continued to register a steadydemand. JSL is closely working with major domestic players across these segments to customize products as per their requirement. Under its ‘Local to Global’ initiative, JSL is in the process of providing customized product solutions for international operations of selectdomestic customers having a global presence. The Company supplied various critical grades like Super Duplex and Cobalt restricted stainless steel for various indigenous nuclear applications and key fertilizer projects.
A diversified market presence and increased proportion of exports mix partially compensated for the lower domestic sales in certain sectors. Dumping of imported and subsidized material from China and Indonesia led to amuted domestic demand and reduced price levels.This also resulted in the share of imports rising to 36% of demand in Q4FY22 as compared to 24% in Q4FY21.Domestic-export share of sales volumes during Q4FY22was as follows:
| Geographical Segment | Q4FY22 | Q4FY21 | FY21-22 | FY20-21 |
| Domestic | 68% | 84% | 75% | 81% |
| Export | 32% | 16% | 25% | 19% |
The international nickel and ferro-chrome prices jumped by 52% and 121% respectively in Q4FY22 on a YoY basis. The ongoing Russia-Ukraine unrest adversely impacted the global supply chain and commodity prices. On the domestic front, Chinese and Indonesian imports of subsidized stainless steel products continued to disrupt the Indian market. It is estimated that imports from China and Indonesia rose by 147% and 280% respectively in FY22 on CPLY basis.
Commenting on the performance of the Company, Managing Director, JSL, Mr Abhyuday Jindal said, “JSL’s strategic decision to focus on export sales and strengthen its niche value-added product portfolio resulted in a robust performance. This also enabled the Company steer through certain challenging segments in the domestic market that faced subsidized imports from China and Indonesia. Wecontinue to work closely with our customers to develop new products and the ecosystem, for catering to new opportunities of stainless steel applications in infrastructure and emerging focused sectors like Green Hydrogen and ethanol. We arealso proactively switching from thermal to renewable energy infrastructure at our plantpremises, and are working towards our goal of net zero carbon emissions by 2050.”
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