Tuesday, June 18, 2024

SBICap Trustee releases 20.43% pledged stake in Jindal Stainless

Mumbai: Jindal Stainless Ltd on Tuesday said SBICap Trustee has released 168.3 million pledged shares or 20.43% stake in the company on 23 March.

After the release, a 14.49% stake in Jindal Stainless will remain pledged with SBICap Trustee, according to an exchange filing.

The company’s share price has fallen 14.9% from its 52-week high of 329 per share recorded on the BSE on 8 March. At 0200 pm, shares of Jindal Stainless were at 280 on the BSE, down 4% to touch the day’s low of 270.65.

In Q3FY23, Jindal Stainless Ltd (JSL) and Jindal Stainless (Hisar) Ltd (JSHL) (considering the post-merged entity) proforma merged revenue, Ebitda, and profit after tax were recorded at 9,073 crore, 951 crore, and 568 crore respectively.

“Net lenders’ debt in the quarter stood at 2,824 crore and the net debt-to-equity ratio was ~0.3, which is among the best in the metal industry. Interest costs for the proforma merged entity came down to 16% in the same period on a QoQ basis,” the company said.

On a QoQ basis, JSL’s sales volume, standalone revenue, EBITDA, and PAT showed an increase of 22%, 14%, 51% and 86% respectively. JSL’s net external debt was 1,714 crore as on 31 December. On a consolidated basis, JSL’s revenue stood at 6,350 crore, Ebitda at 525 crore, and PAT at 299 crore during Q3FY23.

On a QoQ basis, JSHL’s standalone revenue, EBITDA, and PAT also rose by 9%, 15% and 24%, respectively, in the same period, while the sales volume declined marginally by 5%. JSHL’s net external debt was at 1,092 crore as on 31 December. On a consolidated basis, JSHL’s Q3 FY23 net revenue, EBITDA and PAT were recorded at 4,285 crore, 367 crore, and 344 crore, respectively.

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