Jindal Saw (JINDALSAW) Q2 24/25 earnings summary

Executive summary

• Achieved standalone revenue of INR 4,790 crore in Q2 FY25, up from INR 4,417 crore in the previous quarter and INR 4,611 crore year-over-year, with consolidated performance also showing significant year-over-year improvement.

• EBITDA for the quarter was INR 875 crore, compared to INR 842 crore sequentially and INR 751 crore year-over-year.

• PAT reached INR 477 crore, up from INR 446 crore in the previous quarter and INR 351 crore year-over-year.

• Amalgamation of Jindal Quality Tubular, Jindal Tubular (India), and Jindal Fittings completed, with financials restated for prior periods.

• Board approved results on October 18, 2024.

Financial highlights

• Standalone Q2 FY25 revenue: ₹4,790 Cr (up from ₹4,611 Cr YoY); H1 FY25: ₹9,061.4 Cr.

• Standalone Q2 FY25 net profit: ₹477 Cr (up from ₹351 Cr YoY); H1 FY25: ₹921.1 Cr.

• Consolidated Q2 FY25 revenue: ₹5,571.9 Cr (up from ₹5,466.2 Cr YoY); H1 FY25: ₹10,511.0 Cr.

• Consolidated Q2 FY25 net profit: ₹475.3 Cr (up from ₹355.8 Cr YoY); H1 FY25: ₹891.7 Cr.

• Half-year EBITDA at INR 1,717 crore, up from INR 1,364 crore in the prior half-year.

Outlook and guidance

• Revenue and EBITDA expected to remain stable with modest growth in the near term.

• Export mix anticipated to improve as new international contracts are in the pipeline.

• New product introductions and capacity expansions expected to drive higher margins and growth after 1-2 quarters.

• Management expects a favorable outcome in the Jindal ITF arbitration, with no adjustments made to carrying values.

• Focus remains on margin improvement and entry into high-value segments.