Saturday, January 21, 2012

JSW Steel Limited - Qtrly Results - Q3 FY 2012 -Q/E Dec,2011 - Net Sales up 36% YoY - NPT UP 32%QoQ BUT DOWN 56%YoY - Due to Raw Material & Exceptional Items


JSW Steel Limited
NSE Symbol        JSWSTEEL

JAW STEELS has declared its Results for the 3rd quarter of FY 2012 ending Dec,2011.

Net Sales stands at Rs.7859.62 cr in Q3 FY 12 -  up by 3.08% from Q2 FY 12 and up by 36.18% from Q3 FY 11.

Raw Materials   stands at Rs.5749.22 Cr in Q3 FY 12 – up by  4.18% from Q2 FY 12, and up by   47.46% from Q3 FY 11.

Total Expenditure stands at Rs.7068.28 cr for Q3 FY 12 – up by 4.87% from Q2 FY 12 and up by 37.15% from Q3 FY 11.

Profit from Operations stands at Rs.808.20 for Q3 FY 12; down by -9.42% from Q2 FY 12; and up by 23.61% from Q3 FY 11.

Exceptional Items Expense stands at Rs.      500.11 cr in Q3 FY 12; and Rs.512.98 cr in Q2 FY 12.

This has reduced profits very drastically in these 2 quarters.

Profit  before tax amounts to Rs.27.01 Cr in Q3 FY 12; compared to Rs.181.71 cr in Q2 FY 12 (down by -85.14%); and Rs.529.72 cr in Q3 FY 11 (down by   -94.9%).

Tax expense stands at Rs(-)141.23 cr in Q3 FY 11; Rs.54.59 cr in Q2 FY 12; and Rs.147.42 cr in Q3 FY 11.

Net Profit stands at Rs.168.24 cr in Q3 FY 12 – compared to Rs.127.12 cr in Q2 FY 12 (Up by 32.35%); and Rs.382.30 cr in Q3 FY 11 (down by -55.99%).

Basic EPS, on a Face value of Rs.10 stands at Rs.7.18 in Q3 FY 12; Rs.5.33 in Q2 Fyn 12; Rs.25.56 in Q1 FY 12; Rs.36.96 in Q4 FY11; Rs.17.21 in Q3 FY 11.

Raw Material expenses and Exceptional Items expenses in the last 2 quarters have significantly brought down the Profits in the last 2 qtrs.

The company's crude production went up 19% to 1.939 metric tones versus 1.636 metric tones y-o-y as their 10-million tonne Vijaynagar plant in southern Karnataka operated at 90%. The company has tied up iron ore supplies for the plant till May.  Rolled Flat products production has gone up by 11% and rolled long products production has gone up by 31% Yoy.


4th Quarter Production and sales volumes need to be watched  before assessing the full year performance– in view of the last 2 quarters.

The Market Price of the share is Rs.646.65 – while the  52 week high price  is 1060 and the 52 week low price  is Rs.462.35.

RESULTS TABLE

JSW STEEL
31-Dec-11
30-Sep-11
%DIF1
30-Jun-11
31-Mar-11
31-Dec-10
%DIF2
Net Sales
785962
762506
3.08
706457
703207
577142
36.18
Other Oprtng Income
1686
707
138.47
481
7313
3613
-53.34
Increase in SIT / WIP
-14335
-14325
0.07
-35637
-27103
13131
-209.17
Raw Materials
574922
551864
4.18
499874
482456
389879
47.46
Employees Cost
15023
14627
2.71
17656
13672
12769
17.65
Depreciation
44442
40388
10.04
38789
38269
34636
28.31
Other Expenditure
86776
81436
6.56
77906
76070
64959
33.59
Total Expenditure
706828
673990
4.87
606338
583364
515374
37.15
Profit from Operations
80820
89223
-9.42
100600
127156
65381
23.61
Other Income
76
3684
-97.94
1688
384
789
-90.37
Interest
28184
23438
20.25
19661
15281
13198
113.55
Exceptional Items
50011
51298
-2.51
-
-
-

Profit  before tax
2701
18171
-85.14
82627
112259
52972
-94.9
Tax expense
-14123
5459
-358.7
24795
28993
14742
-195.8
Net Profit
16824
12712
32.35
57832
83266
38230
-55.99
Face Value (In Rs
10
10
0
10
10
10
0
Paid Up Equity
22312
22312
0
22312
22312
22312
0
Basic EPS
7.18
5.33
34.71
25.56
36.96
17.21
-58.28
Public Holding (%)
62.29
62.29
0
62.29
62.29
62.29
0

ANNOUNCEMENT BY THE COMPANY

16-12-2011          Jsw Steel Limited had informed the Exchange regarding the allotment of 1,75,00,000 (One Crore Seventy Five Lakh) warrants on a Preferential basis, to a Promoter Group Entity. JSW Steel Ltd has now informed Exchange that as per the terms of issue of these warrants, upon payment of Exercise Price of Rs. 1,210 per warrant, as reduced by the 25% upfront money paid at the time of allotment of warrants, the warrant holder was entitled to apply for and obtain allotment of One Equity Share of par value of Rs. 10 each against each warrant held. The last date for the exercise of the conversion right of the Warrant holder was December 15, 2011 (within 18 months from the date of their allotment). Further the Company has informed that, the Warrant Holder (Promoter Group Entity) has not exercised its option to convert the aforesaid 1,75,00,000 warrants allotted to it, into Equity shares of the Company. The amount of Rs. 529,37,50,000 being the initial 25% of the total consideration of Rs. 2117,50,00,000/- received by the Company has been forfeited.

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