Q1 Results FY2023: JSPL, LTTS declare June quarter results; here are key highlights

Q1 Results FY2023: Listed companies including Jindal Steel and Power Limited (JSPL) and L&T Technology Services (LTTS) announced their June quarter results. The rseults were announced today. Here are key highlights of the results.

JSPL Q1 Results FY2023: net profit grows multifold to Rs 2,771-cr in April-June; output remains flat 

Jindal Steel and Power Limited (JSPL) on Friday reported a multifold jump in consolidated net profit to Rs 2,770.88 crore for the quarter ended on June 30, 2022, on account of higher income.

The company's "total profit" was at Rs 14.25 crore in the April-June period of 2021-22, JSPL said in a BSE filing.

During the quarter under review, its total income rose to Rs 13,069.17 crore from Rs 10,643.17 crore a year ago.

Expenses were also higher at Rs 10,566.64 crore as against Rs 7,233.55 crore in the year-ago period.

According to the filing, "Shallu Jindal, Non-Executive Director, has, in view of her pre-occupation and other commitments, decided to step down from the Directorship of the company w.E.F. Close of business hours on July 15, 2022."

The board of the company has also approved the appointment of Ramkumar Ramaswamy and Sunil Kumar Agrawal as Additional Directors in the category of Executive Directors of the company with immediate effect.

In a separate statement, the company said its output of steel remained almost flat at 1.99 million tonne (MT) as compared to 2.01 MT in April-June 2021. While the sale of steel 1.74 MT against 1.61 MT a year ago.

The output of pellet fell to 1.92 MT, from 2.16 MT in the year ago quarter. The company sold 0.03 MT pellet as compared 0.40 MT in April-June 2021.

In Mozambique, the company's Chirodzi mine produced 0.93 MT ROM (run of mine) and sold 197 KT (kilo tonne) coking coal. Mozambique operations have reported an EBITDA (earnings before interest, taxes, depreciation, and amortization) of USD 43 million for 1QFY23, driven by higher sales volumes and realisations.

During April-June, Kiepersol mine in South Africa reported production of 146 KT ROM, and sales of 74 KT. The mine reported EBITDA of USD 11 million for the quarter.

Its Russel Vale mine in Australia produced 138 KT ROM, and dispatched 79 KT coking coal. The mine reported EBITDA of USD 3 million for the quarter. Wongawilli colliery remains under care and maintenance.

Part of OP Jindal Group, JSPL has a significant presence in the steel, power, and mining sectors with investments of Rs 90,000 crore across the globe.

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LTTS Q1 Results FY2023: L&T Technology Services Q1 profit rises 27 pc to Rs 274 crore

L&T Technology Services (LTTS) on Friday posted a 27 per cent increase in consolidated net profit at Rs 274 crore in the three months ended June.

The company had a net profit of Rs 216.2 crore in the same period a year ago.

"We started the new fiscal on a strong note with revenue growing sequentially by 4.7 per cent in constant currency.

"Growth was led by Plant Engineering and Industrial Products, benefitting from spends towards digital manufacturing, energy transition and smart connected products," LTTS CEO and Managing Director Amit Chadha said in a statement.

The company's consolidated revenue from operations grew 23.4 per cent to Rs 1,873.7 crore in the first quarter of the current fiscal. In the year-ago period, the same stood at Rs 1,518.4 crore.

"Our Aerospace and Rail segment is seeing a revival of large deal bookings with a USD 50 million deal in the first quarter on the back of a stellar long-term deal that we won in the prior quarter.

"... We see a broad-based pipeline of opportunities which gives us confidence of the growth momentum sustaining," Chadha said.