SBICap Trustee releases 20.43% pledged stake in Jindal Stainless
1 min read 28 Mar 2023, 03:26 PM ISTAfter the release, a 14.49% stake in Jindal Stainless will remain pledged with SBICap Trustee
PremiumMumbai: Jindal Stainless Ltd on Tuesday said SBICap Trustee has released 168.3 million pledged shares or 20.43% stake in the company on 23 March.
After the release, a 14.49% stake in Jindal Stainless will remain pledged with SBICap Trustee, according to an exchange filing.
The company’s share price has fallen 14.9% from its 52-week high of ₹329 per share recorded on the BSE on 8 March. At 0200 pm, shares of Jindal Stainless were at ₹280 on the BSE, down 4% to touch the day's low of ₹270.65.
In Q3FY23, Jindal Stainless Ltd (JSL) and Jindal Stainless (Hisar) Ltd (JSHL) (considering the post-merged entity) proforma merged revenue, Ebitda, and profit after tax were recorded at ₹9,073 crore, ₹951 crore, and ₹568 crore respectively.
“Net lenders' debt in the quarter stood at ₹2,824 crore and the net debt-to-equity ratio was ~0.3, which is among the best in the metal industry. Interest costs for the proforma merged entity came down to 16% in the same period on a QoQ basis," the company said.
On a QoQ basis, JSL’s sales volume, standalone revenue, EBITDA, and PAT showed an increase of 22%, 14%, 51% and 86% respectively. JSL’s net external debt was ₹1,714 crore as on 31 December. On a consolidated basis, JSL’s revenue stood at ₹6,350 crore, Ebitda at ₹525 crore, and PAT at ₹299 crore during Q3FY23.
On a QoQ basis, JSHL’s standalone revenue, EBITDA, and PAT also rose by 9%, 15% and 24%, respectively, in the same period, while the sales volume declined marginally by 5%. JSHL’s net external debt was at ₹1,092 crore as on 31 December. On a consolidated basis, JSHL’s Q3 FY23 net revenue, EBITDA and PAT were recorded at ₹4,285 crore, ₹367 crore, and ₹344 crore, respectively.
