Jindal Saw (JINDALSAW) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue was INR 4,521 crores, down from INR 4,790 crores in the previous quarter and INR 4,785 crores year-over-year, mainly due to shipment timing.

• EBITDA for the quarter was INR 882 crores, slightly above the previous quarter and nearly flat year-over-year.

• Nine-month PBT grew 25% and PAT grew 29% year-over-year, reflecting improved profitability despite flat revenue.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, were reviewed and approved by the Board on January 24, 2025.

• Financials reflect the impact of a composite scheme of amalgamation, with prior period figures restated accordingly.

Financial highlights

• Consolidated Q3 FY25 revenue from operations: ₹5,271.30 Cr; net profit after tax: ₹506.42 Cr; EPS: ₹7.96.

• Standalone Q3 FY25 revenue from operations: ₹4,473.62 Cr; net profit after tax: ₹476.91 Cr; EPS: ₹7.50.

• EBITDA margin for Q3 was 19.5%, with management guiding for a sustainable range of 17.5%-20% in coming quarters.

• Long-term debt reduced to below INR 930 crores, with net worth near INR 10,000 crores.

• Export revenue constitutes 25%-28% of total, providing a natural hedge against forex volatility.

Outlook and guidance

• Revenue per quarter is expected to remain in the INR 4,500-5,000 crore range until new capacity comes online.

• EBITDA margins are expected to remain in the 17.5%-20% range.

• New CapEx projects, including a coke oven battery and seamless plant expansion, are nearing completion and will contribute in the next 3-6 months.

• Management expects further improvement in financial charges and working capital utilization by year-end.

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