Jayaswal Neco Industries (522285) Q2 22/23 earnings summary

Executive summary

• Q2 FY23 revenue from operations was Rs 166,087 lakhs and net profit was Rs 14,075 lakhs; H1 revenue was Rs 318,799 lakhs and net profit was Rs 16,399 lakhs.

• H1 net profit declined from Rs 24,720 lakhs in the prior-year period, while the current period recorded a loss before exceptional items and tax.

Financial highlights

• Q2 revenue from operations was Rs 166,087 lakhs vs Rs 159,684 lakhs YoY; H1 revenue was Rs 318,799 lakhs vs Rs 299,119 lakhs.

• Q2 loss before exceptional items and tax was Rs 5,943 lakhs vs profit of Rs 11,266 lakhs YoY; H1 loss was Rs 2,696 lakhs vs profit of Rs 23,575 lakhs.

• Q2 net profit was Rs 14,075 lakhs vs Rs 11,284 lakhs YoY; H1 net profit was Rs 16,399 lakhs vs Rs 24,720 lakhs.

• Q2 basic EPS was Rs 1.45 vs Rs 1.77 YoY; H1 basic EPS was Rs 1.69 vs Rs 3.87 after exceptional items and Rs 3.70 before exceptional items in the prior period.

Segment performance

• Steel segment revenue was Rs 152,177 lakhs in Q2 and Rs 292,657 lakhs in H1; prior-year comparatives were Rs 146,860 lakhs and Rs 276,654 lakhs.

• Iron & Steel Castings revenue was Rs 15,466 lakhs in Q2 and Rs 29,750 lakhs in H1; prior-year comparatives were Rs 14,087 lakhs and Rs 25,016 lakhs.

• Q2 segment results before tax were Rs 4,452 lakhs for Steel and Rs 582 lakhs for Iron & Steel Castings; H1 results were Rs 18,178 lakhs and Rs 1,353 lakhs, respectively.