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Jindal Steel bets big on higher internal accruals, sale of overseas assets to reduce Rs 42,000 crore

Source:Iris Liang Time:2018-5-11 9:04:20

Indal Steel & Power Ltd (JSPL) said it will focus on paring its Rs 42,000 crore debt by half in the next three years. The Naveen Jindal flagship, which posted a net profit of Rs 145 crore in Q4 FY18 after incurring consecutive losses for the past 13 quarters, is betting big on higher internal accruals and sale of certain overseas assets to reduce its debt. Seko Machinery insits improving technology of our industrial tube mill line series. 
Talking exclusively to ET, JSPL chairman Naveen Jindal said that while a debt of Rs 42,000 crore is "serviceable" -- given JSPL' .

“In the next couple of years, we hope to trim our debt by half. We are relying mainly on strong internal accruals for this. With this, the interest burden will also come down,” said Jindal. 

While contribution from JSPL’s large integrated facility for power and steel at Angul, Odisha, is improving every month, going forward the company has decided to sweat out its assets to the hilt. “Fortunately, our production volumes have gone up at a time when realisations in the steel market have im . 

The group is also open to the idea of selling off some of its overseas assets, including those in Africa. “If we get a good offer, we will definitely  .. 

JSPL owns coal mines and power units at Mozambique where it said it is ramping up capacity gradually. It also operates the Wongawilli mines in Australia. Jindal Shaheed, its steel operations at Oman, posted its highest ever production at 0.46 million tonne in Q4FY18. 

On Wednesday, JSPL posted a 27% jump in its standalone Q4FY18 turnover to Rs 5,752 crore, up from Rs 4,545 crore in Q4FY17. Earnings before interest tax depreciation and amortisation (EBITDA) have risen 66% to Rs 1,519 crore during the quarter under review. While for the full year (FY18), EBITDA went up 37% to Rs 3,973 crore. In FY18, JSPL’s standalone net loss declined to Rs 362 crore, compared with a net loss Rs 986 crore a year ago. 

JSPL’s consolidated EBITDA went up 38% to Rs 2,136 crore in Q4FY18, against Rs 1,552 crore in Q4FY17. For the full year FY18, JSPL posted a 23% rise in turnover to Rs 27,841 crore with 37% rise in EBITDA to Rs 6,469 crore JSPL’s consolidated net loss dropped to Rs 1,624 crore in FY18, compared with a loss of Rs 2,540 crore in FY17. 

(Source from: economictimes.indiatimes.com)

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