Jindal Stainless Limited · NSE:JSL
Jindal Stainless — Q2 FY22 Earnings Presentation
31 slides from Jindal Stainless's earnings presentation, Oct 28, 2021
Slide 1: Exchange filing cover letter
JSLln \ JINDAL STAINLESS 28 111 October. 2021 BSL Limited National Stock Exchange of India Ltd. Corporate Relationship Department, Exchange Plaza, 5th Floor, Ist Floor, New Trading Ring. Plot no. C/1, G Block Rotunda Building, P J Towers. Bandra-Kurla Complex, Bandra (E), Dalal Street, Fort, Mumbai
Slide 2: Q2 & H1FY22 Earnings Presentation
JINDAL STAINLESS LTD and JINDAL STAINLESS (HISAR) LTD Q2 & H1FY22 Earnings Presentation October 28, 2021
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which has been prepared by Jindal Stainless Limited/Jindal Stainless (Hisar) Limited (referred to “respective company (ies)”) for this joint earning presentation, are purely for information purposes only and is not, and i
Slide 4: Content
Content 1 Operational and Financial performance 2 Merger Overview 3 Capex Overview 4 Annexure 3
Slide 5: Standalone Operational and Financial Performance
Standalone Operational 4 and Financial Performance
Slide 6: JSL: Key Financials Highlights – Q2FY22
JSL: Key Financials Highlights – Q2FY22 Net Revenue from operations EBITDA 8,656 1290 4,815 4,418 711 3,156 3,841 580 352 430 Q2 FY21 Q1 FY22 Q2 FY22 H1 FY21 H1 FY22 Q2 FY21 Q1 FY22 Q2 FY22 H1 FY21 H1 FY22 Shift (%) QoQ: 25% YoY: 53% 96% Shift (%) QoQ: 23% YoY: 102% 200% PAT 634 363 271 98 11 Q2 FY2
Slide 7: JSL: Key Operational Update – Q2FY22
JSL: Key Operational Update – Q2FY22 Sales Volume (‘000 MT) 495 319 230 238 257 Q2 FY21 Q1 FY22 Q1 FY22 H1 FY21 H1 FY22 Shift (%) QoQ: 8% YoY: 11% 55% Sales Composition Export 23% Domestic 77% 6
Slide 8: JSL: Q2&H1FY22 Financial and Operational Discussions (Standalone)
JSL: Q2&H1FY22 Financial and Operational Discussions (Standalone) Revenue for Q2 & H1FY22 stood at INR 4,815crore and INR 8,656 crore respectively o An overall healthy demand environment post the second wave of COVID in Q1FY22 pulled up sales volume by 8% over Q1FY22, to 256,664 tonnes in Q2FY22
Slide 9: JSHL: Key Financials Highlights – Q2 FY22
JSHL: Key Financials Highlights – Q2 FY22 Net Revenue from operations EBITDA 883 5,927 501 3,415 2,819 382 2,076 2,512 248 288 Q2 FY21 Q1 FY22 Q2 FY22 H1 FY21 H1 FY22 Q2 FY21 Q1 FY22 Q2 FY22 H1 FY21 H1 FY22 Shift (%) QoQ: 36% YoY: 64% 110% Shift (%) QoQ: 31% YoY: 102% 207% PAT 577 338 240 111 62 Q2
Slide 10: JSHL: Key Operational Update – Q2FY22
JSHL: Key Operational Update – Q2FY22 Sales Volume (’000 MT) 339 188 203 155 151 Q2 FY21 Q1 FY22 Q2 FY22 H1 FY21 H1 FY22 Shift (%) QoQ: 25% YoY: 21% 67% Sales Composition Export 14% Domestic 86% 9
Slide 11: JSHL: Q2 & H1FY22 Financial and Operational Discussions (Standalone)
JSHL: Q2 & H1FY22 Financial and Operational Discussions (Standalone) Q2 & H1FY22 revenue reported at INR 3,415 crore and INR 5,927 crore respectively o Normalisation of demand from all consumer-facing segments has led to rebound in sales volume, which grew by 25% to 188,178 tonnes in Q2FY22 over Q
Slide 12: Key Raw Materials – Price Trend
Key Raw Materials – Price Trend Nickel USD/ MT 19,125 17,573 15,930 17,359 14,210 12,215 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Note: Average quarterly prices; Source: LME Ferrochrome (INR/ MT) 1,15,895 94,675 90,650 68,775 63,875 65,583 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 11 Note: Average
Slide 13: JSL: Debt Position & Key Ratios
JSL: Debt Position & Key Ratios Borrowings (Standalone) As on As on As on (INR crore) Sep.2021 Mar.2021 Mar.2020 1.4 Net Debt/Equity Lenders’ Debt Long term debt 1,382 1530 2,357 0.9 0.7 Short term borrowing 247 319 398 Total Lenders’ Debt 1,629 1849 2,755 Inter corporate loan from 1,050 1,050 900 r
Slide 14: JSHL: Debt Position & Key Ratios
JSHL: Debt Position & Key Ratios Borrowings (Standalone) As on As on As on Net Debt/Equity (INR crore) Sep 2021 March 2021 March 2020 1.1 Long term debt 1,133 1,250 1,929 Short term borrowing (less than 0.6 228 127 90 0.5 12 months) Total Debt 1,361 1,376 2,019 Cash & Bank balances 2 8 19 Net Debt 1
Slide 15: Merger Overview
Merger Overview 14
Slide 16: Complementing Strengths
Complementing Strengths JSL JSHL Jajpur, Odisha Hisar, Haryana Key Plant Location Raw Material Hub, Port Proximity Key Consumption Hub Proximity 1.1 MTPA Integrated facility along with 0.8 MTPA with Specialized Product backward integration (Ferro Chrome and Division (SPD) including Blade Steel, Stai
Slide 17: Resilient Operational Performance
Resilient Operational Performance Revenue EBITDA 26,259 3,863 19,175 2,408 2,182 14,015 FY21 TTM H1 FY22 FY21 TTM H1 FY22 Interest Cost PBT 609 2834 424 1752 1197 159 FY21 TTM H1 FY22 FY21 TTM H1FY22 16 Note: Standalone proforma financials; All figures in INR. crore unless stated otherwise TTM : Tra
Slide 18: Consolidating Balance Sheet Strength
Consolidating Balance Sheet Strength Net Debt (INR Cr) Net Debt / Equity Net Debt / EBITDA 4,718 0.8 2.3 -38% 3,125 0.5 2,930 0.4 1.3 0.8 Mar’20 Mar’21 Sep’21 Mar’20 Mar’21 Sep’21 Mar’20 Mar’21 Sep’21 Consistent deleveraging has been strengthening the balance sheet Leverage ratios have been one
Slide 19: Merger: JSL, JSHL
Merger: JSL, JSHL APPOINTED DATE • April 1, 2020 • Board approval of the scheme of arrangement MAJOR EVENTS • Stock Exchanges/SEBI approval EXPECTED COMPLETION • Shareholders and Creditors approvals IN H2 FY22 • NCLT approval • Implementation of Scheme • Received Stock Exchanges/SEBI approval in 1st
Slide 20: Capex Overview
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Slide 21: Leveraging World class Jajpur Infra & Hisar Speciality Product Leadership
Leveraging World class Jajpur Infra & Hisar Speciality Product Leadership JSL - Doubling Stainless Steel JSHL – Multiplying Speciality Capacity Products Augmenting Stainless Steel Melt capacity Strengthening product mix with expansion in from 1.1MTPA to 2.1MTPA value added product segment Incr
Slide 22: Integrated Expansion for Atmanirbhar Bharat
Integrated Expansion for Atmanirbhar Bharat Existing Incremental Total JSL Est. Capex Est. JSL Projects Capacity Capacity MTPA INR Cr Completion Estimated MTPA MTPA Capex Phasing SMS 1.10 1.00 2.10 530 Q3 FY23 (INR Cr) Combo Line 1,250 Q4 FY23 HRAP 0.80 0.45 1.25 ~1100 ~1100 CRAP 0.45 0.30 0.75 Ferr
Slide 23: Annexure
Annexure 22
Slide 24: JSL: Abridged P&L Statement (Standalone)
JSL: Abridged P&L Statement (Standalone) YoY QoQ YoY Particular (Rs. crore) Q2FY22 Q2FY21 Q1FY22 H1FY22 H1FY21 Change (%) Change (%) Change (%) Revenue from operations 4,815 3,156 53% 3,841 25% 8,656 4,418 96% Total Expenditure 4,104 2,804 46% 3,261 26% 7,366 3,988 85% EBITDA 711 352 102% 580 23% 1,
Slide 25: JSL: Abridged P&L Statement (Consolidated)
JSL: Abridged P&L Statement (Consolidated) YoY QoQ YoY Particular (Rs. crore) Q2FY22 Q2FY21 Q1FY22 H1FY22 H1FY21 Change (%) Change (%) Change (%) Revenue from operations 5,027 3,314 52% 4,033 25% 9,059 4,690 93% Total Expenditure 4,279 2,969 44% 3,432 25% 7,711 4,281 80% EBITDA 748 345 117% 601 24%
Slide 26: JSHL: Abridged P&L Statement (Standalone)
JSHL: Abridged P&L Statement (Standalone) YoY QoQ YoY Particular (Rs. crore) Q2 FY22 Q2 FY21 Q1 FY22 H1FY22 H1FY21 Change (%) Change (%) Change (%) Net revenue from operations 3,415 2,076 64% 2,512 36% 5,927 2,819 110% Total Expenditure 2,914 1,828 59% 2,130 37% 5,044 2,531 99% EBITDA 501 248 102% 3
Slide 27: JSHL: Abridged P&L Statement (Consolidated)
JSHL: Abridged P&L Statement (Consolidated) YoY QoQ YoY Particular (Rs. crore) Q2 FY22 Q2 FY21 Q1 FY22 H1FY22 H1FY21 Change (%) Change (%) Change (%) Net revenue from operations 3,743 2,298 63% 2,776 35% 6,520 3,151 107% Total Expenditure 3,176 2,007 58% 2,364 34% 5,540 2,817 97% EBITDA 567 291 95%
Slide 28: Proposed Structure Post Merger
Proposed Structure Post Merger Public Promoter 42.9% 57.1% ● Merger of JSHL into JSL JSL JSHL ● Swap ratio 1:1.95 PT Jindal Stainless 99.9% Indonesia 65% Subsidiaries /Investment ● Merger of JSL Lifestyle (mobility business), JSL Iberjindal S.L, Spain Media and JSCMS into JSL JSL Lifestyle (mobility
Slide 29: Shareholding Pattern
Shareholding Pattern JSL JSHL Floating Stock (%) Floating Stock (%) Retail & Others Retail & 10.4% FII Others 20.7% 16.3% Other FII Promoters Other 31.4% 14.3% Promoters 41.1% 68.6% 58.9% DII DII 6.6% 4.1% 28 Note – Data as on 30th September, 2021
Slide 30: Contact Us
Contact Us Jindal Stainless Ltd.: Jindal Stainless Ltd. (JSL) is amongst the leading stainless steel manufacturing companies in the world and India's largest stainless steel manufacturer. The Company operates an Goutam Chakraborty / Shreya Sharma integrated stainless steel plant at Jajpur, Odisha. T
Slide 31: Thank You
Thank You 30